Nutreco results higher, SHV raises bid

February 5, 2015

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From WATTAgNet:

Nutreco reported revenue for 2014 of EUR5.253 million (US$6 billion), up .3 percent from 2013.

The company reported EBITA before exceptional items of EUR266.4 million, 3.9 percent higher than last year. The animal nutrition division’s EBITA increased by 12 percent to EUR125 million mainly as a result of good performances in mature markets and continued focus on higher value-added nutritional solutions.

The fish feed unit’s EBITA increased by 2.8 percent to EUR134.3 million, mainly driven by the contribution of the operating companies in Ecuador and Egypt which were acquired in 2013. The EBITA margin decreased slightly to 6.3 percent.

The EBITA of Compound Feed & Meat Iberia was EUR34.9 million, 14 percent lower than 2013, mainly due to lower meat prices in the second half of the year.

Nutreco said acquisitions in Nigeria and Brazil and capital improvements in new plants in Asia and Africa will strengthen the company’s presence in growth geographies.

"The developments in 2014 make me even more convinced that Nutreco has the right strategy and the right people in place to fulfil its mission of feeding the future," said Nutreco CEO Knut Nesse.

Also, last week, SHV Holdings increased its offer for Nutreco, and holdout shareholders agreed to tender their shares to the new offer.

SHV said it would offer EUR45.25 in cash for each outstanding share of Nutreco, valuing the company at EUR3.18 billion.

Nutreco : Nutreco reports higher full year results

Knut Nesse, CEO Nutreco: "The year 2014 contained several important developments for Nutreco. Finally, our shareholders received a compelling cash offer by SHV for their Nutreco shares, an offer that is in the best interests of all our stakeholders including our shareholders and therefore recommended by our Boards. The EBITA result in 2014 of ? 266.4 million was 3.9% better than last year.

SHV raises bid again for Nutreco, major shareholders to tender

SHV said it would offer 45.25 euros ($51) in cash for each outstanding share of Nutreco, valuing the company at 3.18 billion euros ($3.60 billion). It said the new offer was a 60 percent premium to Nutreco’s share price before a bidding war for the company began in October. The family-owned investment firm SHV first bid 40 euros per share for Nutreco in October in a deal backed by Nutreco’s board.