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July 26, 2011

US: DuPont silent on rumours of Solae sale

US conglomerate DuPont has refused to be drawn on reports that it and agribusiness giant Bunge are looking to sell their soy products venture Solae.

By Dean Best

US conglomerate DuPont has refused to be drawn on reports that it and agribusiness giant Bunge are looking to sell their soy products venture Solae.

DuPont and Bunge formed Solae, which makes ingredients for food manufacturers in sectors from bakery to dairy, in 2003.

Bloomberg said yesterday (25 July) that Solae’s management had met potential buyers this month. Two anonymous sources told the news agency that the company could be sold for US$1.4-1.75bn, based on its annual EBITDA of around $180m.

A spokesman for DuPont, which owns a 73% stake in Solae, declined to comment on what he called “rumours and speculation”.

The spokesman also refused to be drawn on Solae’s financial performance ahead of the publication of DuPont’s second-quarter results, which are set to be announced on Thursday.

Officials at Bunge could not be reached for immediate comment.

Earlier this year, DuPont acquired Denmark-based food ingredients maker Danisco in a deal worth $6.44bn.

DuPont chair and CEO Ellen Kullman said at the time that the deal was set to create “an industry leader in industrial biosciences and nutrition and health”.

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