SHV's Nutreco bid could increase
More bids are set to come in, following SHV's bid for Nutreco, or at the very least SHV will have to increase its price, Dutch and Belgian media reported.
Belgian daily De Standaard reported that analysts expect more bids for Nutreco to materialize. The shares finished trading at EUR 39,34 yesterday, a 39,47% increase.
Such bids could come from Cargill or DSM, as previously reported. De Financieele Telegraaf also predicted that a higher price will have to be paid. The current offer of EUR 40 per share is not enough, according to APG, a pension fund that holds almost 10% of the shares. APG doesn't see why Nutreco would have to be taken off the stock market by one investor with a bid which over the long term seems too low, the report said.
Het Financieele Dagblad says SHV's move is surprising but in line with a new focus on sustainable investment. It also predicts that SHV will have to increase its bid, as shareholders didn't sell when their shares were worth EUR 38 last year. The chance of a bidding war is small, the report added, as the board of Nutreco unanimously has agreed with SHV's offer.
SHV said it owned 6.49% of shares on Monday. It needs 95% for the bid to be successful, which entails convincing shareholders such as ING, Delta Lloyd, APG and Paribas.
Nutreco had a turnover of EUR 3.87 bn in 2013, and pre tax profits of EUR 356m.
Source De Tijd, Het Financieele Dagblad, De Financieele Telegraaf