Nutreco preparing Provimi takeover bid
According to a Dutch newspaper, Dutch animal feed group Nutreco is preparing a takeover bid for French-based rival Provimi, the paper cited sources with knowledge of the plans.
Provimi is currently owned by British private equity group Permira and newspaper Het Financieele Dagblad reported market observers said the takeover bid must be at least 1.4 billion euros ($1.98 billion).
The paper added that JP Morgan, which is soliciting bids for Provimi, considers Nutreco the desired buyer but has not ruled out other bidders if its offer is not high enough.
Nutreco previously looked at buying Provimi in 2002 and 2007, but was outbid by private equity funds and the newspaper quoted a source saying that Nutreco cannot miss out this time.
A takeover by Nutreco would be most logical according to analysts. Both companies would gain most synergy together, which is favourable for pricing.
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