Skadden leads the way on $6.3bn DuPont Denmark acquisition
Skadden Arps Slate Meagher & Flom has won a lead role on DuPont's $6.3bn (£4bn) acquisition of Danish enzyme and speciality food ingredients company Danisco, reports The Am Law Daily. The deal is DuPont's largest since its 1999 purchase of biotechnology company Pioneer Hi-Bred International for $7.7bn (£4.9bn). DuPont, one of the world's top chemical makers, will pay $5.8bn (£3.7bn) in cash for Danisco, while also assuming $500m (£320m) of net debt.
January 12, 2011 at 06:14 AM
2 minute read
Skadden Arps Slate Meagher & Flom has won a lead role on DuPont's $6.3bn (£4bn) acquisition of Danish enzyme and speciality food ingredients company Danisco, reports The Am Law Daily.
The deal is DuPont's largest since its 1999 purchase of biotechnology company Pioneer Hi-Bred International for $7.7bn (£4.9bn).
DuPont, one of the world's top chemical makers, will pay $5.8bn (£3.7bn) in cash for Danisco, while also assuming $500m (£320m) of net debt.
Skadden advised DuPont with a New York-based team led by M&A partners Lou Kling, Thomas Greenberg and Brandon Van Dyke, alongside banking partner Stephanie Teicher, tax partners David Rievman and Regina Olshan and intellectual property partners Bruce Goldner and Douglas Nemec.
Kling previously advised DuPont on its $8bn (£5.1bn) divestiture of pharmaceutical operations to Bristol-Myers in 2001, as well as the company's $4.4bn (£2.8bn) divestiture of its textile business to Koch Industries in 2003.
Crowell and Moring Washington DC partner Randolph Smith is serving as US antitrust counsel to DuPont, while White and Case Brussels partner James Killick is advising DuPont on foreign antitrust matters.
The deal, which is expected to close in the second quarter of 2011, values Danisco at roughly $115 (£74) per share. The company employs about 7,000 people and operates in 23 countries.
The Am Law Daily is a US affiliate title of Legal Week.
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