DuPont goes for more food
E. I. du Pont de Nemours & Co. has offered $5.8 billion for Danish food ingredients company Danisco in an effort to be less dependent on chemical products, Reuters reported. Once the deal closes, nearly half of DuPont’s revenue would come from food-related products. Danisco Chairman Jorgen Tandrup said he would be surprised if a rival bidder emerged, adding he did not expect any antitrust problems. DuPont offered $115 per share for Danisco, a 25 percent premium, Reuters said. DuPont is offering to pay $5.8 billion cash and assume $500 million of Danisco debt. DuPont would use $3 billion in existing cash to pay for the deal, and raise the rest in debt, Reuters said. DuPont said it expects the deal to cut its 2011 earnings per share by 30 cents to 45 cents. DuPont is the parent of Johnston-based Pioner Hi-Bred International Inc.