Danisco A/S to acquire outstanding shares of Genencor International Inc

Nordic Business Report, Jan 27, 2005

NORDIC BUSINESS REPORT-27 January 2005-Danisco A/S to acquire outstanding shares of Genencor International Inc(C)1994-2005 M2 COMMUNICATIONS LTD http://www.m2.com

The Danish sweeteners and food ingredients group Danisco A/S announced on Thursday (27 January) that it had agreed to acquire the outstanding shares of the US biotech company Genencor International Inc.

Danisco said that it had agreed to pay USD19.25 for all shares not held by Danisco or Eastman Chemical Company, and USD15 per share for Eastman's holding.

Danisco and Eastman currently each hold 42% interests in Genencor.

Eastman's share of the transaction will amount to DKK2,413m.

"Our acquisition of Genencor will enhance Danisco's strong capabilities in enzymes for food and feed. Being an advanced and recognised biotech business, Genencor will expand our knowledge base significantly and broaden our access to a new important business area, industrial enzymes," commented Alf Duch-Pedersen, CEO of Danisco.

Genencor has operations in the US and the Netherlands. It reported revenues of USD380m in 2003.

One US dollar (USD) is worth approximately 0.53 British pounds (GBP).One Danish krone (DKK) is worth approximately 0.09 British pounds (GBP).

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