French animal feed company attracts takeover bids
Provimi SA, a French animal feed company has received several takeover bids from US agricultural giant Cargill, China’s New Hope Group, Dutch animal feed company Nutreco plus Dutch life science company DSM.
Provimi was bought by Permira Advisers in 2007 from private equity rivals CVC Capital partners and PAI Partners. The eventual sale of the company is expected to fetch more than €1.8 billion.
Some market experts say the animal feed business worldwide is fragmented and a candidate for consolidation. Only a third of the industry is owned by large international companies; the rest is owned by smaller firms, many of them family owned.
A second round of bidding is expected in about 6 weeks.
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