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Nutreco Makes Move for PE-Backed Provimi

Dutch animal feed group Nutreco is readying a bid for French-based rival Provimi, Reuters reported, citing Dutch media accounts. Provimi is currently owned by British private equity group Permira. The Dutch newspaper Het Financieele Dagblad reported that a bid would be at least 1.4 billion euros ($1.98 billion).

(Reuters) – Dutch animal feed group Nutreco is preparing a takeover bid for French-based rival Provimi, a Dutch newspaper reported on Tuesday, citing sources with knowledge of the plans.

Provimi is currently owned by British private equity group Permira and newspaper Het Financieele Dagblad reported market observers said the takeover bid must be at least 1.4 billion euros ($1.98 billion).

The paper added that JP Morgan, which is soliciting bids for Provimi, considers Nutreco the desired buyer but has not ruled out other bidders if its offer is not high enough.

A Nutreco spokesman was not immediately available for comment.

Nutreco previously looked at buying Provimi in 2002 and 2007, but was outbid by private equity funds and the newspaper quoted a source saying that Nutreco cannot miss out this time.

“It is now or never,” one source told the newspaper.
(Reporting by Aaron Gray-Block; Editing by Mike Nesbit)