FRANKFURT May 14 German scents and flavorings
group Symrise AG fetched 401 million euros ($550
million) in a capital increase to help finance its 1.3 billion
euro acquisition of French food ingredients maker Diana Group.
It sold 11.15 million new shares, about 10 percent of its
equity capital, in an accelerated bookbuilding organised by JP
Morgan and Commerzbank at 36 euros ($49.34)
apiece, the company said in a statement on Wednesday.
Last month Symrise announced the acquisition of Diana for
1.3 billion euros including debt to narrow the gap on top rival
Givaudan and expand in natural ingredients and pet
The purchase will increase Symrise's market share and make
it the world's third-biggest scents and flavours company - up
from number four. It also brings the company closer to its goal
of boosting annual sales by around 1 billion euros by 2020.
The deal values Diana at 14 times its 2013 earnings before
interest, tax, depreciation and amortization (EBITDA). Symrise
trades at 12.3 times its expected EBITDA.
($1 = 0.7296 Euros)
(Reporting by Arno Schuetze)