DuPont gets go-ahead for Danisco buy

DuPont gets go-ahead for Danisco buy

US chemicals group DuPont has secured EU approval for its proposed acquisition of Danisco, the Denmark-based food ingredients maker.

Last week, DuPont pushed back the deadline for Danisco shareholders to accept its US$5.8bn takeover bid as EU and Chinese regulators studied the deal.

DuPont had already received regulatory clearance in the US but is still waiting on authorities in China to give their verdict.

However, DuPont chair and CEO Ellen Kullman said approval from Brussels was "one of the last important milestones" for the deal.

"Only Chinese approval now remains as a regulatory condition of closing. We remain confident that Danisco shareholders will follow their board's recommendation to accept our premium cash offer and the transaction will be completed later this month," Kullman said.

Danisco shareholders have until 29 April to accept DuPont's bid. At the close of business on 29 March, around 6% of the outstanding shares in Danisco have been tendered in favour of the offer.

DuPont has indicated that it would only proceed with the transaction if 90% or more of shareholders tendered their shares.

Since the bid was made, reports in Denmark have suggested that not all Danisco shareholders believe the DuPont offer adequately values the food ingredients maker.