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Givaudan to buy plant-based ingredients provider Naturex for EUR522m

FBR Staff Writer Published 27 March 2018

Givaudan has agreed to acquire a 40.6% stake in French plant-based ingredients provider Naturex for €522m to expand its offering of natural flavor solutions.

The Swiss flavours and fragrance company is offering €135 per share to the shareholders of the French ingredients firm. Completion of the acquisition will be subject to appropriate regulatory approvals.

Givaudan revealed that it plans to issue a mandatory cash tender offer for the same price for all remaining outstanding shares of Naturex. The transaction has full support from the board of directors and management of Naturex.

The French firm said that completion of the tender offer will be subject to reaching the mandatory overall acceptance threshold of 50% of its share capital or voting rights.

As per the terms, Givaudan also reserves its right to exercise a squeeze if the conditions are met for such procedure.

Givaudan CEO Gilles Andrier said: “The acquisition of a significant shareholding in Naturex fits fully with our 2020 strategy to expand our offering to deliver natural products to our customers.

“Givaudan is the global leader in the space of natural flavours and Naturex further complements our capabilities with its strong portfolio of plant extracts and natural ingredients across the food and beverage, nutrition and health and personal care sectors.”

According to Givaudan flavour division president designate Louie D’Amico, the Naturex ingredient solutions will be extremely complimentary to the acquisitions made by the Swiss company over the last few years, which includes Spicetec, Activ International, Vika and Centroflora Nutra.

Headquartered in Avignon, Naturex is into plant extraction and the development of natural ingredients and solutions that are used in the food, health and beauty sectors.

The company, which had registered sales of €405m last year, has 16 production sites around the world and has a workforce of 1,700 people.

In November 2017, Naturex had acquired Swedish Oat Fiber, a Sweden-based manufacturer of oat-based extracts and ingredients like oat beta glucans dietary fibers, oat oils and oat proteins for the food industry.


Image: Givaudan’s flavour innovation centre (FIC) in Singapore. Photo: courtesy of Givaudan.