De resterende dele af De Danske Spritfabrikker og De Danske Sukkerfabrikker (Danisco) ender snart paa nye haender; International Flavours & Fragrances ($IFF). De kommer i hoejere grad til at konkurrere med Chr. Hansen og Novozymes, saa jeg taenkte, at jeg ville naevne det herinde.
Danisco blev koebt af DuPont i 2011. DuPont fusionerede i 2017 med Dow Chemical. Forrige aar blev kemi-virksomheden Dow ($DOW) og agri-virksomheden Corteva ($CTVA) spundet fra. Nu er turen kommet til segmentet Nutrition & Biosciences, der udgoer lidt mere end en tredjedel af omsaetningen (28,1%) med 1,6 milliarder dollar i kvartalet og 25,6% af EBITDA ($360mio i seneste kvartal).
https://www.food.dupont.com/
Jeg sad og kiggede 425-formularer igennem hos SEC. Aftalen virker meget attraktiv for $DD. Jeg har selv koebt aktier i $DD, der har en markedsvaerdi paa 43 milliarder dollar og en gaeld paa knap 16 milliarder dollar.
Her nogle meget interessante slides vedroerende det fremtidige selskab:
https://www.sec.gov/Archives/edgar/data/1666700/000119312520010885/d872982d425.htm
https://www.sec.gov/Archives/edgar/data/1666700/000119312519314627/d850572d425.htm
December 15, 2019 - IFF (NYSE: IFF) (Euronext Paris: IFF) (TASE: IFF) and DuPont (NYSE: DD) today announced that they have entered into a definitive agreement for the merger of IFF and DuPont's Nutrition & Biosciences (N&B) business in a Reverse Morris Trust transaction. The deal values the combined company at $45.4 billion on an enterprise value basis, reflecting a value of $26.2 billion for the N&B business based on IFF's share price as of December 13, 2019. Under the terms of the agreement, which has been unanimously approved by both Boards of Directors, DuPont shareholders will own 55.4% of the shares of the new company and existing IFF shareholders will own 44.6%. Upon completion of the transaction, DuPont will receive a one-time $7.3 billion special cash payment, subject to certain adjustments.
IFF to Merge with DuPont's Nutrition & Biosciences Business
https://www.investors.dupont.com/news-and-media/press-release-details/2019/IFF-to-Merge-with-DuPonts-Nutrition--Biosciences-Business-/default.aspx
2020-01-16
DuPont to explore divestiture of electronics unit: BBG
https://www.reuters.com/article/us-dupont-de-divestiture/dupont-to-explore-divestiture-of-electronics-unit-bbg-idUSKBN1ZF2JW
2020-01-16
Dupont to Explore Divestiture of Electronics Unit
https://www.bloomberg.com/news/articles/2020-01-16/dupont-is-said-to-explore-divestiture-of-electronics-unit
2019-12-16
DuPont's Breakups Only Lead to More Breakups
https://www.bloomberg.com/opinion/articles/2019-12-16/dupont-nutrition-iff-deal-breakups-only-lead-to-more-breakups
2019-12-16
IFF Wins DuPont's Nutrition Unit
https://www.bloomberg.com/news/videos/2019-12-16/iff-wins-dupont-s-nutrition-unit-video
2019-12-15
IFF to merge with DuPont's $26.2 billion nutrition unit
https://www.reuters.com/article/us-dupont-de-divestiture-intl-flavors/iff-to-buy-duponts-nutrition-unit-for-26-2-billion-idUSKBN1YJ0MH
2019-12-15
IFF Wins DuPont Nutrition Unit Over Kerry in $26.2 Billion Deal
https://www.bloomberg.com/news/articles/2019-12-15/iff-is-said-to-near-26-billion-deal-for-dupont-nutrition-unit
2019-12-08
IFF Vies With Kerry in Deal for DuPont Nutrition Business
https://www.bloomberg.com/news/articles/2019-12-08/iff-said-to-vie-with-kerry-in-deal-for-dupont-nutrition-business
Kvartals-rapport(er):
https://www.investors.dupont.com/investors/dupont-investors/filings-and-reports/default.aspx
https://www.sec.gov/Archives/edgar/data/1666700/000166670019000071/0001666700-19-000071-index.htm
Seneste 10K:
https://www.sec.gov/Archives/edgar/data/1666700/000166670019000006/0001666700-19-000006-index.htm
Seneste 10Q:
https://www.sec.gov/Archives/edgar/data/1666700/000166670019000073/0001666700-19-000073-index.htm
Danisco blev koebt af DuPont i 2011. DuPont fusionerede i 2017 med Dow Chemical. Forrige aar blev kemi-virksomheden Dow ($DOW) og agri-virksomheden Corteva ($CTVA) spundet fra. Nu er turen kommet til segmentet Nutrition & Biosciences, der udgoer lidt mere end en tredjedel af omsaetningen (28,1%) med 1,6 milliarder dollar i kvartalet og 25,6% af EBITDA ($360mio i seneste kvartal).
https://www.food.dupont.com/
Jeg sad og kiggede 425-formularer igennem hos SEC. Aftalen virker meget attraktiv for $DD. Jeg har selv koebt aktier i $DD, der har en markedsvaerdi paa 43 milliarder dollar og en gaeld paa knap 16 milliarder dollar.
Her nogle meget interessante slides vedroerende det fremtidige selskab:
https://www.sec.gov/Archives/edgar/data/1666700/000119312520010885/d872982d425.htm
https://www.sec.gov/Archives/edgar/data/1666700/000119312519314627/d850572d425.htm
December 15, 2019 - IFF (NYSE: IFF) (Euronext Paris: IFF) (TASE: IFF) and DuPont (NYSE: DD) today announced that they have entered into a definitive agreement for the merger of IFF and DuPont's Nutrition & Biosciences (N&B) business in a Reverse Morris Trust transaction. The deal values the combined company at $45.4 billion on an enterprise value basis, reflecting a value of $26.2 billion for the N&B business based on IFF's share price as of December 13, 2019. Under the terms of the agreement, which has been unanimously approved by both Boards of Directors, DuPont shareholders will own 55.4% of the shares of the new company and existing IFF shareholders will own 44.6%. Upon completion of the transaction, DuPont will receive a one-time $7.3 billion special cash payment, subject to certain adjustments.
IFF to Merge with DuPont's Nutrition & Biosciences Business
https://www.investors.dupont.com/news-and-media/press-release-details/2019/IFF-to-Merge-with-DuPonts-Nutrition--Biosciences-Business-/default.aspx
2020-01-16
DuPont to explore divestiture of electronics unit: BBG
https://www.reuters.com/article/us-dupont-de-divestiture/dupont-to-explore-divestiture-of-electronics-unit-bbg-idUSKBN1ZF2JW
2020-01-16
Dupont to Explore Divestiture of Electronics Unit
https://www.bloomberg.com/news/articles/2020-01-16/dupont-is-said-to-explore-divestiture-of-electronics-unit
2019-12-16
DuPont's Breakups Only Lead to More Breakups
https://www.bloomberg.com/opinion/articles/2019-12-16/dupont-nutrition-iff-deal-breakups-only-lead-to-more-breakups
2019-12-16
IFF Wins DuPont's Nutrition Unit
https://www.bloomberg.com/news/videos/2019-12-16/iff-wins-dupont-s-nutrition-unit-video
2019-12-15
IFF to merge with DuPont's $26.2 billion nutrition unit
https://www.reuters.com/article/us-dupont-de-divestiture-intl-flavors/iff-to-buy-duponts-nutrition-unit-for-26-2-billion-idUSKBN1YJ0MH
2019-12-15
IFF Wins DuPont Nutrition Unit Over Kerry in $26.2 Billion Deal
https://www.bloomberg.com/news/articles/2019-12-15/iff-is-said-to-near-26-billion-deal-for-dupont-nutrition-unit
2019-12-08
IFF Vies With Kerry in Deal for DuPont Nutrition Business
https://www.bloomberg.com/news/articles/2019-12-08/iff-said-to-vie-with-kerry-in-deal-for-dupont-nutrition-business
Kvartals-rapport(er):
https://www.investors.dupont.com/investors/dupont-investors/filings-and-reports/default.aspx
https://www.sec.gov/Archives/edgar/data/1666700/000166670019000071/0001666700-19-000071-index.htm
Seneste 10K:
https://www.sec.gov/Archives/edgar/data/1666700/000166670019000006/0001666700-19-000006-index.htm
Seneste 10Q:
https://www.sec.gov/Archives/edgar/data/1666700/000166670019000073/0001666700-19-000073-index.htm
28/1 2020 00:40 tommycarstensen 2
81190 P.S. Figuren med de blaa soejle-diagrammer er lidt misvisende hvad angaar procent-delen af den samlede omsaetning for segmentet N&B, fordi det er ift omsaetningen i det "gamle" Dow-Dupont. Men de absolutte vaerdier paa venstre y-akse er korrekte.
28/1 2020 18:50 tommycarstensen 181219 2019-12-16
Form 425 - Prospectuses and communications, business combinations:
https://www.sec.gov/Archives/edgar/data/1666700/000119312519315215/0001193125-19-315215-index.html
Til dem, der interesserer sig for virksomheds-historie og -historik:
2011-05-16
Tidslinje: Slaget om Danisco
https://penge.borsen.dk/artikel/1/207527/tidslinje_slaget_om_danisco.html
2011-01-12
Belgiere ude efter Danisco
https://penge.borsen.dk/artikel/1/199114/belgiere_ude_efter_danisco.html
2010-02-22
Danisco tilbage som opkøbskandidat
https://penge.borsen.dk/artikel/1/177120/danisco_tilbage_som_opkoebskandidat.html
Form 425 - Prospectuses and communications, business combinations:
https://www.sec.gov/Archives/edgar/data/1666700/000119312519315215/0001193125-19-315215-index.html
Til dem, der interesserer sig for virksomheds-historie og -historik:
2011-05-16
Tidslinje: Slaget om Danisco
https://penge.borsen.dk/artikel/1/207527/tidslinje_slaget_om_danisco.html
2011-01-12
Belgiere ude efter Danisco
https://penge.borsen.dk/artikel/1/199114/belgiere_ude_efter_danisco.html
2010-02-22
Danisco tilbage som opkøbskandidat
https://penge.borsen.dk/artikel/1/177120/danisco_tilbage_som_opkoebskandidat.html
