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Danish food ingredients producer Danisco A/S agrees to complete sale of Danisco Sugar to Nordzucker

21 February 2009 775 views No Comment

Danish food ingredients and sweeteners producer Danisco A/S (OMX Copenhagen:DCO) announced on Friday (20 February) that it has agreed to complete its previously announced sale of its subsidiary Danisco Sugar to Nordzucker.
The deal was given the green-light earlier this week by the German competition authority Bundeskartellamt, on condition that Danisco’s sugar and bioethanol plant in Anklam, Germany is sold to the Dutch company Cosun.

Due to the change in the original deal, Nordzucker wanted to renegotiate the price.

Danisco’s initial reaction was that it did not find a renegotiation to be “supported by the contract”, but the company announced on Friday that it has agreed to go through the deal at DKK5.45bn, as compared to the previously agreed DKK5.6bn.

As part of the deal, Danisco will receive payments relating to the sale of EU quotas and will provide a loan to Nordzucker.

Danisco, headquartered in Copenhagen, Denmark, is one of the world’s leading ingredients companies. It has 9,500 employees in some 47 countries and annual revenues of DKK18.8bn.

One British pound (GBP) is worth approximately 8.43 Danish kroner (DKK).

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