UK/USA: Unilever shareholders give green light to Bestfoods acquisition
Unilever shareholders today voted in favour of the acquisition of Bestfoods at separate meetings in London and Rotterdam.Following the approval of the merger by the EU last Thursday, the closing remains subject to certain conditions set out in the merger agreement, including receipt of approval of Bestfoods shareholders who are meeting this afternoon in the US. The Unilever shareholders voted strongly in support of the offer of $73 per share which values Bestfoods' equity at $21.3 billion. Unilever also expects to assume Bestfoods' net debt which stood at $3.1 billion at June 30, 2000.Chairman Antony Burgmans told the Unilever N.V. shareholders meeting in the company's Rotterdam head office that the acquisition represented an outstanding strategic fit, strengthening Unilever's Foods business and enhancing its Path to Growth strategy. "The acquisition of Bestfoods will enable us to create one of the world's leading foods companies, delivering strong top-line growth and enhancing operating margins by realising the potential for significant synergy."He said: "Our combined knowledge of consumers, our focussed expertise behind leading brands, the strength of our technology base and our track record of increasing operational efficiency will all contribute to sustainable value creation."Mr Burgmans concluded: "We are excited by the Bestfoods acquisition. It is fully aligned with our Path to Growth strategy, with its focus on strong global brands complemented by a stable of vibrant local brands. As I said earlier the combination with Bestfoods makes a good plan better.""The acquisition of Bestfoods will also enable us to accelerate the rationalisation of our existing brand portfolio by exiting a number of smaller brands, again fully consistent with our Path to Growth strategy."
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-food gives you the widest food market coverage.
Paid just-food members have unlimited access to all our exclusive content - including 17 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Dean Best, editor of just-food
- Analysis: Post discusses rationale for Weetabix
- Interview: Sir Kensington's on sale to Unilever
- Who will buy Danone's Stonyfield business?
- Column: Why snacking is the new meal
- US food next wave on display at Winter Fancy Food
- Unilever buys US condiments maker Sir Kensington's
- Ice cream helps Unilever sales, food flat
- Suntory to offload Australia, New Zealand foods
- Nestle organic growth slows but beats expectations
- Equistone puts Whitworths up for sale