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Permira’s Provimi Would Be Good Match for Nutreco, ING Says

Nutreco Holding NV, the world’s biggest maker of fish feed, would be a suitable candidate to buy Provimi, put up for sale by a unit of Permira Advisers LLP, an analyst at ING Groep NV said.

Provimi “is made ready for a divestment by a group (Permira) which must be very disappointed with the value enhancement up to now and with the analysis that they originally have made,” Amsterdam-based analyst Gerard Rijk wrote in a note to investors today following a meeting with the company yesterday. “Nutreco and Provimi like each other and they are a good fit.” ING recommends clients buy the stock.

Amersfoort, Netherlands-based Nutreco could partly pay for the takeover by selling its Spanish poultry processing unit, Rijk said. “The most optimal period to get financing arranged is January to June 2010,” he said in a telephone interview today. In the second half of the year, dropping poultry margins could hurt profitability and Nutreco’s share price, he said.

Jurgen Pullens, a spokesman for Nutreco, declined to comment. “It is up to our shareholders to decide about Provimi’s future,” Miriam ter Braak, a spokeswoman for the company, said by telephone.

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