Symrise - Expected to make an offer for Swedencare

Davy Research
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On May 25th, Symrise lifted its holding in Swedencare to 30% – as such the threshold for mandatory public offers has thus been exceeded. Symrise has four weeks to make an offer. The move is consistent with the group’s pet nutrition/care growth strategy – though very much at the expensive end of the M&A spectrum. On first look, we estimate that Swedencare would need to achieve its 2026 financial targets for the investment to cover its cost of capital.