Symrise raise 9% in capital to finance Diana acquisition

German flavourings manufacturer Symrise AG announced late last week that it successfully raised the…

German flavourings manufacturer Symrise AG announced late last week that it successfully raised the targeted €400 million it needs to help finance its €1.3 billion takeover of French ingredients firm Diana Group.

It sold 11.15 million new shares, about 10% of its equity capital, in an accelerated bookbuilding organised by JP Morgan and Commerzbank at €36 ($49.34) apiece, the company said in a statement.

Last month it emerged that Symrise won the battle to acquire Diana Group, who also received bids from CVC Capital Partners, Euroazeo, Pamplona and Japan's Ajinomoto.

Symrise say that Diana will help it "intensify the backward integration of raw materials and expand into the highly attractive market segment for pet food."

Diana generated €415 million in revenue in 2012, making nutritional ingredients for the food, pet food and aquaculture industries.

Sysmrise, the world's fourth largest mare of flavors and fragrance, is also considering a bid for Wild Flavors as the company searches for deals that would accelerate growth.

Bloomberg reported that Symrise's Chief Executive Officer Heinz-Juergen Bertram told journalists in a press briefing of the company's intentions to buy Wild Flavors.

“You can see that we wouldn’t shy away from bigger targets,” Bertram said. “We always have five to seven potential acquisitions on our list. Some are bigger and some are small to medium-sized.”