The European Commission has granted clearance under the EU Merger Regulation to the acquisition of the CSM Sugar Confectionary division of Dutch food group CSM by CVC European Equity Partners.
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Dutch food group CSM announced in December that it negotiations with CVC Capital Partners were so far advanced that it expected final agreement on the transaction.
The parties have agreed a provisional takeover price of €850m (US$1.1bn), with the actual value of the transaction to be based on the division’s balance sheet on the date of transfer. CSM said the planned sale of the division was a major step in its strategy of concentrating on its business-to-business activities in the bakery supplies
CSM Sugar Confectionery has an annual turnover of €750m and employs approximately 4,300 people. The division is active in Europe and Asia and owns brands including Läkerol, Dietorelle, Malaco, RedBand, Sportlife, Jenkki, and Lutti.
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