As already announced, Nordzucker informed us earlier this week that following
the sale of the plant in Anklam they wanted to renegotiate the acquisition
price of Danisco Sugar.
We have now agreed with Nordzucker to effect the transfer of Danisco Sugar on 2
March 2009 at a price of DKK 5.45 billion (previously DKK 5.6 billion).
In addition, Danisco receives payment of an outstanding amount of originally
about DKK 600 million in July 2008 (see our stock exchange notice of 14 July
2008) from the sale of EU quotas in 2007/08 and earlier. As at 28 February 2009
this amount is expected to total about DKK 375 million after repayments.
Danisco will be using about DKK 510 million (EUR 68 million), previously about
DKK 360 million (EUR 48 million), for a loan to Nordzucker carrying an annual
interest rate of 4% and falling due on 15 March 2011.
Since the sale is effected at this time of the calendar year, when the working
capital of Danisco Sugar is at the highest level, the official transfer amount
will be increased. Danisco participates in the financing by an expected
transfer of an agreed volume of sugar in the course of 2009. The value of this
volume will be around DKK 600 million and will result in interest compensation.
As the financing of the deal will total some DKK 1.1 billion, we cancel the
share buy-back programme mentioned in our interim report of 16 December 2008.
A stock exchange notice with additional details, including the accounting
impact, will be issued as soon as the transfer has been fully completed.
Yours faithfully
Tom Knutzen
CEO
