Barry Callebaut successfully closes acquisition of the Cocoa Ingredients Division from Petra Foods

Barry Callebaut AG, Zürich, has successfully closed the acquisition of the Cocoa Ingredients Division from Singapore-based Petra Foods Ltd. as planned on June 30, 2013, following approval from the regulatory authorities. The combination of the two businesses makes Barry Callebaut the world’s largest cocoa and chocolate manufacturer, fully integrated from bean sourcing to the manufacture of the fine chocolate products. It creates an organization with over 8,000 employees, an estimated annual sales volume of 1.6 million tonnes and CHF 6 bn (€ 4.9 bn) in sales revenue, as well as further diversifying Barry Callebaut’s global footprint to 50 factories on four continents.

Based on adjustments for working capital and other items, the purchase price for Petra Foods’ Cocoa Ingredients Division will be approximately USD 860 million, subject to final adjustments following the closing. For the financing of the acquisition, Barry Callebaut placed USD 400 m of senior notes due 2023 on June 13, 2013, with a 5.5% coupon. In addition, the company issued new registered shares on June 14, 2013, for USD 300 m utilizing the authorized share capital as approved by the Extraordinary General Meeting of Shareholders on April 22, 2013.

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