Denmark's Chr. Hansen Not A Takeover Candidate - CEO
12 January 2011 - 10:21PM
Dow Jones News
Danish food ingredients and enzymes producer Chr. Hansen Holding
A/S (CHR.KO), which raised its guidance for the 2010/2011 fiscal
year in connection with its first-quarter report Wednesday, said
there is no reason for viewing the company as a target for
acquisition in the wake of DuPont's (DD) takeover offer for Danish
food ingredients firm Danisco A/S (DCO.KO).
"If we were to be taken over, I would have suspected potential
suitors to call our private equity owners six months ago before the
listing. It would have been 35% cheaper since we have increased our
value by 35% since then. And it would have been much easier to make
an acquisition then, rather than buying a public company," Chief
Executive Lars Fredriksen told Dow Jones Newswires, though he
added:
"On the other hand, everything is for sale. So we have to remain
pragmatic about that. But I don't think we are going to change the
route we are on."
Private equity fund PAI Partners took Chr. Hansen private in
July 2005. In June 2010, PAI Partners reintroduced Chr. Hansen in
an initial public offering on the Copenhagen stock exchange, still
retaining about 55% of the shares.
Fredriksen said there is no reason to suspect that there is a
premium on the Chr. Hansen shares in connection with media
speculation about Chr. Hansen as a possible takeover candidate.
In its first quarter report, Chr. Hansen said full-year revenue
is expected to grow organically by 11%-13%, up from a previous
estimate of 8%-10%. Its first-quarter net profit rose to EUR23
million from EUR11.1 million in the same period a year earlier.
At 1045 GMT shares were up 0.5% or DKK0.60 at DKK120.70.
-By Jens Hansegard, Dow Jones Newswires; +46-8-5451-3095;
jens.hansegard@dowjones.com
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