Symrise Increases Equity for Diana Takeover

German flavors and fragrances manufacturer Symrise has increased its equity by around €400 million to finance its planned acquisition of French food ingredient maker Diana for €1.3 billion.

Diana is a leading supplier to the food, pet food, nutraceutical, aquaculture and cosmetics industries. Symrise said the buy would enable it to significantly expand its position in the flavour and nutrition markets and broaden its activities into the pet food markets.

In March, news agencies reported that Diana had also attracted Japan's Ajinomoto, along with private equity firms such as CVC Capital Partners , Euroazeo and Pamplona.

For 2013, the French group reported sales of around €425 million and an EBITDA margin of around 21%.