24 Jul 2025
Nutreco is one of three parties considering making a bid for the animal nutrition and health (ANH) division of dsm-firmenich. Although the company sees opportunities for synergy, a takeover is not without challenges, wrote de molenaar in a report.
Nutreco is a well-known player in the animal nutrition industry and has been a customer of dsm-firmenich. At the same time, both companies compete in the field of premixes – mixtures of nutrients that are added to animal feed.
With the possible acquisition of the ANH branch of dsm-firmenich, Nutreco could significantly strengthen its position in the chain.
According to insiders, Nutreco could be able to submit a higher bid than the other interested parties thanks to these synergy benefits. By aligning purchasing, production and sales more closely, the company can operate more efficiently.
However, according to Financieele Dagblad, there are also obstacles. Nutreco has no experience with the chemical process required for the production of vitamins, an important part of the division.
In addition, a takeover by a direct competitor will be subject to strict testing by competition authorities. A lengthy approval procedure can cause uncertainty and delay the takeover process.
CVC and Apollo also in the race
In addition to Nutreco, investment companies CVC Capital Partners and Apollo Global Management have also shown interest.
Both parties are financially strong and have extensive experience with takeovers.
CVC is the owner of Lipton, while Apollo is active in the Netherlands as a shareholder of Athora and owner of Beequip.
End of July for decision-making
dsm-firmenich announced last year that it wanted to spin off its ANH division. The division produces vitamins, enzymes and other ingredients for animal nutrition and processes them into premixes.
With the sale, the company wants to become less dependent on fluctuating vitamin prices.
The three interested parties had until July 3 to submit a binding offer. Whether Nutreco actually takes the step will depend on the assessment of risks and the outcome of any competition tests.
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