Dutch share watchdog AFM is investigating possible insider trading ahead of Danone’s announcement that it would bid for Royal Numico.
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AFM told just-food today (10 July) that it is studying the trading of shares in Numico before the two companies made their plans public yesterday afternoon.
“We are starting an investigation into the possible insider trading. The unusual trading patterns in Numico shares is the reason for this investigation,” an AMF spokesperson said.
The spokesperson added that the watchdog would look to conclude its probe as soon as possible although she could not give a timetable for the investigation.
Numico shares were rising yesterday before trading was halted. Numico and Danone announced after the markets closed that the French food giant would table a bid worth EUR12.3bn (US$16.8bn) for the Dutch nutrition firm.
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By GlobalDataDanone plans to make an offer worth EUR55-a-share for Numico, which specialises in nutrition and baby food, including the Milupa and Cow & Gate brands.
Danone’s move to strengthen its health credentials comes just six days after it agreed in principle to sell its biscuits and cereals division to US giant Kraft Foods.
