Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

NZ$294 Mn Cash Offer By Danone For 100% Of Frucor

NZ$294 Million Cash Offer By Danone For 100% Of Frucor


France’s Groupe DANONE announced today that it intends to make a public offer to acquire all of the voting securities in Frucor Beverages Group Limited (“Frucor”). The offer will be made through its Singapore-based Asia-Pacific holding company, Danone Asia Pte Ltd (“Danone”).

Danone will make a full offer under the New Zealand Takeovers Code for all the voting securities in Frucor. The offer will be made at NZ$2.35 cash for each ordinary share. Danone is also making an offer for the convertible notes issued to certain Frucor employees under the Frucor Share Savings Plan.

The offer represents a 39% premium over the weighted average share price of Frucor on the NZ Stock Exchange for the last three months, a 26% premium over the weighted average price at which Frucor has traded since its IPO, and a 57% premium over the IPO price.

Groupe DANONE is a multinational food and beverages company, headquartered in Paris, France, and listed on the Paris, London, Brussels, Swiss and New York Stock Exchanges. With sales of Euros 14.3bn (approximately NZ$31.0bn) in 2000, Groupe DANONE is a leader on world markets for each of its businesses – its three core lines of business are fresh dairy products, water and biscuits. It sells its products under internationally recognised brands such as Danone, Evian, Volvic and Lu.

Groupe DANONE has a significant position in food and beverages in the Asia-Pacific region, where it is a market leader in biscuits and water. It is also the largest beverage company in China and Indonesia, and has been an investor in New Zealand since 1990 through its subsidiary Griffin’s Foods Limited.

Groupe DANONE’s Executive Vice President for Asia-Pacific, Mr Simon Israel, said “This step enables us to develop our presence in the beverage segment in Australasia and to gain exposure to the promising energy drink segment.”

“Danone’s offer provides Frucor shareholders with an opportunity to sell all of their Frucor shares at a full and fair price. We are committed to acquiring 100% of all Frucor shares outstanding.”

The offer is subject to Danone acquiring more than 90% of Frucor shares. Danone has lodged a takeover notice with regard to its full offer and expects to send an offer document to Frucor shareholders shortly.

DANONE ASIA PTE LTD, 1 TEMASEK AVENUE, #34-02 MILLENIA TOWER, SINGAPORE 039192
TEL : (65) 338 1288 FAX : (65) 338 0506

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Climate Summary: NZ’s Equal-2nd Warmest Year On Record

Annual temperatures were above average (+0.51°C to +1.20°C above the annual average) across the majority of New Zealand... 2018 was the equal 2nd-warmest year on record for New Zealand, based on NIWA’s seven-station series which began in 1909. More>>

ALSO:

GDP: Economic Growth Dampens In The September Quarter

Gross domestic product (GDP) rose 0.3 percent in the September 2018 quarter, down from 1.0 percent in the previous quarter, Stats NZ said today... GDP per capita was flat in the September 2018 quarter, following an increase of 0.5 percent in the June 2018 quarter. More>>

ALSO:

Up $1.20: $17.70 Minimum Wage For 2019

Coalition Government signals how it will move toward its goal of a $20 p/h minimum wage by 2021... “Today we are announcing that the minimum wage will increase to $17.70 an hour on 1 April 2019." More>>

ALSO:

Retail: IKEA To Open In New Zealand

Inter IKEA Systems B.V. is today announcing its intentions to grant the Ingka Group exclusive rights to explore expansion opportunities in New Zealand. More>>