June 10, 2011

Danisco’s top management to resign

Chief executive Tom Knudsen and CFO Søren Bjerre-Nielsen of enzyme manufacturer and food ingredients company Danisco are to leave the Danish firm next week. The departures follow Danisco's sale to US chemicals company DuPont. The two executives will step down on June 17. There was much resistance to the takeover from Danisco shareholders, which resulted in DuPont increasing its initial January offer from US$6.3 (€4.358) billion to US$6.49 (€4.49) billion This finally secured the support of Danisco shareholders for its acquisition of the business last month.

The probiotics, enzymes and natural ingredients specialist is expected to be de-listed from the Copenhagen stock exchange this month, but DuPont has not indicated whether the Danisco name will remain. Sources say the resignations were prompted by DuPont's intention to install its own management team at its new acquisition. Analysts also suggest that DuPont may choose not to replace them and instead to split up Danisco's business areas between its relevant US units and divisions. Read more ...

This blog is written by Martin Little, The Global Miller, published and supported by the GFMT Magazine and the International Milling Directory from Perendale Publishers
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