Shares in Dutch feed company Nutreco surge
AMSTERDAM (AP) — Shares in Dutch animal and fish feed supplier Nutreco NV have surged after the company announced a management-backed 2.69 billion ($3.43 billion) takeover offer from privately-owned trading company SHV Holdings.
SHV's 40-euro ($51) per share cash offer for Nutreco represents a 42-percent premium to shares' closing price Friday. Shares were up 38 percent at 39.02 euros in early trading Monday.
Nutreco CEO Knut Nesse said Monday the offer was fair for shareholders and good for other stakeholders: SHV will allow the company to pursue its current business plan with a large measure of independence.
SHV says it wants Nutreco for its long-term growth prospects, particularly in emerging economies. It also represents a diversification of SHV's portfolio of businesses, which are mostly focused on energy and transport.