DSM slips as it extends exchange offer with Firmenich due to delay in clearances
23/01/2023 09:05
** Shares in DSM DSMN.AS fall 5% after the Dutch chemicals
group extends the acceptance period for the exchange offer
connected to its merger with Swiss flavour and fragrance maker
Firmenich due to a delay in competition clearances
** DSM had announced a merger deal in May 2022 to forge a
nutrition and fragrance giant with Firmenich
** The groups expect to obtain remaining clearances by March
7, 2023, potentially excluding India where the Competition
Commission currently has no quorum to approve transactions due
to a vacancy in its board
** The acceptance period, which was to expire on Jan. 31,
will be extended until two weeks after the Indian clearance is
obtained, but not before March 7 and no later than April 11, DSM
says
** ING notes the delay in regulatory approval will impact
the closing date of the merger, previously scheduled for Feb. 23
** "We still consider the merger to be a good strategic
fit," KBC says
(Reporting by Diana Mandiá)
((diana.mandiaalvarez@thomsonreuters.com))