Novo Holdings supports combination of Novozymes and Chr. Hansen to create a leading global biosolutions partner through a statutory merger
Novozymes and Chr. Hansen (both listed on Nasdaq Copenhagen) have today announced the entering into of an agreement to create a leading global biosolutions partner through a statutory merger of the two companies. The transaction is supported by Novo Holdings, the controlling shareholder in Novozymes and the largest shareholder in Chr. Hansen. This includes that Novo Holdings has made certain commitments to the two companies. Novo Holdings is a wholly-owned subsidiary of the Novo Nordisk Foundation.
Kromann Reumert has advised Novo Holdings and the Novo Nordisk Foundation on all legal and foundation regulatory aspects of the proposed transaction (save for competition and antitrust law). The proposed transaction will be completed through an all-stock statutory merger, where Chr. Hansen’s free float shareholders receive approx. 1.53 new shares in Novozymes for each share in Chr. Hansen, corresponding to a premium of 49% (based on 9 December trading prices).
Completion of the merger is conditional upon, among other things, the merger being approved at the extraordinary general meetings of Novozymes and Chr. Hansen, respectively, and the receipt of customary merger control and other regulatory approvals from relevant authorities.
Chr. Hansen is a global, differentiated bioscience company with over 145 years’ experience developing natural ingredient solutions for the food-, nutritional-, pharmaceutical-, and agricultural industries. Novozymes is the world leader in biological solutions and the world's largest provider of enzyme and microbial technologies. The combined group would have annual revenue of approximately EUR 3.5bn, employ around 10,000 people and operate a global network of 38 R&D and application centers and 23 manufacturing sites.
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