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BASIC INDUSTRIES: DSM-Firmenich (DSFIR A3/A-): Asset Sale

BASIC INDUSTRIES
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Meaningful disposal. While this is deleveraging on the face of it, with the spinoff of ANH to come we need to see how DSM adjusts its overall capital structure.

  • DSM announced the sale of its JV stake in Feed Enzymes Alliance for €1.4bn net cash proceeds. The transaction is expected to complete during this year.
  • It’s part of Animal Nutrition & Health (ANH), which is due to be spun off this year.
  • Proceeds equal ~67% of expected FY24 adj. EBITDA. ANH generates ~15% of adj. EBITDA.
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Meaningful disposal. While this is deleveraging on the face of it, with the spinoff of ANH to come we need to see how DSM adjusts its overall capital structure.

  • DSM announced the sale of its JV stake in Feed Enzymes Alliance for €1.4bn net cash proceeds. The transaction is expected to complete during this year.
  • It’s part of Animal Nutrition & Health (ANH), which is due to be spun off this year.
  • Proceeds equal ~67% of expected FY24 adj. EBITDA. ANH generates ~15% of adj. EBITDA.