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Du Pont (DD) Financial News - DuPont’s Solae Venture Said to Get Bids From Tate & Lyle, KKR

Du Pont (DD)

DuPont’s Solae Venture Said to Get Bids From Tate & Lyle, KKR

Quote: First-round bids came in about two weeks ago, and interested parties are receiving management presentations, the people said. Second-round offers for the business, which makes soy products used in cereal bars, infant formula and milk, probably will come in after the U.S. Labor Day holiday, said two of the people. Cargill Inc. looked at Solae and signed a confidentiality agreement, though it hasn’t made a bid, one person said. White Plainswebsite. Potential Bidders Michael Hanretta, a DuPont spokesman, declined to comment. An external spokesman for London-based Tate & Lyle, a spokeswoman for Heerlen, Netherlands-based DSM and a spokeswoman for New York-based KKR also declined to comment. A Cargill spokeswoman didn’t respond to a call. Solae management last month began meeting with potential bidders, including private-equity funds and European strategic buyers, two people familiar with the matter said July 25. The sale may fetch about $1.4 billion to $1.75 billion based on Solae’s annual earnings of about $180 million before interest, tax, depreciation and amortization, the people said. Citigroup Inc. is advising on the sale process, according to those people. Dow Chemical Co. (DOW)Exxon Mobil Corp. (XOM)Ellen Kullman, completed the $6.4 billion purchase of food-additives maker Danisco A/S in June. bfoley8@bloomberg.netjmccracken3@bloomberg.net jsondag@bloomberg.net ...
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