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Symrise raises €400m for Diana takeover

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By Annie-Rose Harrison-Dunn+

Last updated the 15-May-2014 at 14:46 GMT

Symrise raises €400m for Diana takeover

Symrise has generated around €400m in capital increase in a push to fund its planned takeover of the Diana Group.

German scent and flavouring group Symrise AG said it had used an accelerated bookbuilding procedure to place 11,150,000 new shares with institutional investors in order to partially fund the €1.3b acquisition of French ingredients firm Diana agreed last month. 

It said the sell of about 11.15 million new shares, at about 10% of its equity capital, was the first phase of its financing strategy which looked to fund the move through a combination of equity and debt. The firm says Diana will help it “intensify the backward integration of raw materials and expand into the highly attractive market segment for pet food”. 

Discussing this development, Dr Heinz-Jürgen Bertram, chairman of Symrise’s executive board said the company was pleased with the investor response.  

“We regard this as a strong signal of confidence in the strategy being pursued by Symrise and in the planned acquisition of the Diana Group. With the capital increase we have successfully completed the first element of the refinancing of the acquisition within a very short time,” he said.

The shares were offered at an issue price of €36 per share. The capital increase will raise the share capital of Symrise from €118,173,300 to €129,323,300, the firm said. 

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