Danone to make bid for Dutch baby food maker

21st August 2007, Comments 0 comments

PARIS, Aug 20, 2007 (AFP) - The French dairy product giant Danone is to make its formal 13 billion euro takeover offer for Dutch baby food group Numico on Tuesday, the two companies said in a joint statement. The offer, which has the backing of Numico management, will expire on October 31, unless it is extended, the statement said. In early August Danone held 29.57 percent of Numico's shares and plans to spend a total of 13 billion euros to buy the rest of the Dutch group. Danone shares were stable a

PARIS, Aug 20, 2007 (AFP) - The French dairy product giant Danone is to make its formal 13 billion euro takeover offer for Dutch baby food group Numico on Tuesday, the two companies said in a joint statement.
  
The offer, which has the backing of Numico management, will expire on October 31, unless it is extended, the statement said.
  
In early August Danone held 29.57 percent of Numico's shares and plans to spend a total of 13 billion euros to buy the rest of the Dutch group.
  
Danone shares were stable at 53.69 euros on the Paris stock exchange in late morning trade on a market which was 1.09 percent higher.

Numico is the manufacturer of the Cow & Gate and Olvarit baby food brands and claims on its website to be the European and Asia Pacific market leader in infant nutrition.

It produces baby milk formula, as well as specialised food for babies with specific needs.

The all-cash bid, priced at 55 euros per share, was at a premium of 44 percent over the average trading price of shares in Numico over the last three months to July 9, when the offer was first announced by the two groups.

Numico is the latest in a series of Dutch groups to become takeover targets for foreign companies.

Numico said it had called an extraordinary meeting of shareholders for September 26 to discuss the bid.

AFP

Subject: French news

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