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
TEL : (65) 338 1288 FAX : (65) 338 0506