BERLIN — Fragrance and flavors firm Symrise AG has made a capital increase of 400 million euros, or $549.5 million, to help fund the acquisition of French food ingredients maker Diana Group.
An accelerated book-building procedure was used to provide investors with 11.15 million new shares, offered at an issue price of 36 euros, or $49.45. The new shares are expected to be admitted for trading on May 15.
Dollar figures are calculated at current exchange.
Diana Group’s acquisition for 1.3 billion euro, or $1.8 billion, which as reported was announced on April 12, is to be financed through a combination of equity and debt. The buy will result in Symrise becoming the third-largest global producer of fragrances and flavors. It currently ranks fourth.