Novozymes swallows Chr. Hansen to form a biotechnology heavyweight


The operation values ​​Chr. Hansen at 660 Danish crowns per share, or 86 billion crowns (about 11.5 billion euros).

The Danish biotechnology groups Novozymes and Chr. Hansen announced on Monday that they would merge to form a heavyweight in enzymes and food ingredients, with 10,000 employees and an annual turnover of 3.5 billion euros. The exact amount of the operation has not been disclosed, but values ​​Chr. Hansen at 660 Danish crowns per share, or 86 billion crowns (about 11.5 billion euros) and a premium of almost 50% compared to its last closing price on the stock exchange.

After the announcement, Chr. Hansen soared 27% around 09:00 GMT on the Copenhagen Stock Exchange, while Novozymes lost nearly 10%. Novozymes, the world’s leading manufacturer of enzymes, will in practice have the upper hand in this “merger“: the new group will bear his name at least initially and its general manager and financial director will retain their functions at the head of the group, indicate Novozymes and Chr. Hansen in a joint statement.

The merger should allow financial synergies of around 200 million euros per year over the next three or four years, specify the two companies, whose products are mainly used in the agri-food sector. The operation, which the two groups hope to complete in the last quarter of 2023 or the first quarter of 2024, is subject to the green light from the competition authorities.


SEE ALSO – “It’s a small revolution”: free condoms in pharmacies extended to minors, Macron announces



Source link -93