SHV awaits Ukraine approval on Nutreco bid, extends offer period

Unrest means the country’s regulators have not yet approved the deal

SHV Holdings has extended its offer period for its Nutreco bid to April 28 because the deal has not yet been approved by Ukrainian regulators.

The offer period was extended because the merger clearance conditions were not fulfilled when the initial offer period expired on February 17. SHV said it is still in the process of obtaining clearance from the competition authority of Ukraine. However, SHV said it has no reason to think regulators in Ukraine will reject the deal.

“Due to the volatile situation in Ukraine, it is uncertain at which point in time the Ukrainian competition authority will take a decision,” SHV said in a statement.

“However, the competent body of the Ukrainian competition authority is expected to convene before the end of February 2015, and (SHV) has not been notified of any substantive concerns with regard to its notification in Ukraine,” the company said.

During the initial offer period, more than 43 million shares were tendered for acceptance. This represents approximately 64.37 percent of the issued and outstanding share of Nutreco, valued at EUR1.95 billion (US$2.22 billion). Together with another 19 million shares already held by an affilitate, SHV will own 93.37 percent of Nutreco after the deal closes.