The Adisseo Nutrition Group, a subsidiary of China National BlueStar Group, announced in a press release on Sept 26 that it has acquired a nearly 90 percent stake of the French company, Innov'ia.
The company announced it had launched a voluntary repurchase offer through Adisseo Holdings to buy Innov’ia shares not yet under its control. The repurchase occurred from Sept 27 to Oct 31, 2011.
The repurchase price was 6.67 euro ($8.82) per share. Before the end of the offer, if Adisseo held more than 95 percent of share capital and voting rights of Innov'ia, Adisseo would withdraw its share transactions that Innov'ia registered in the market.
The acquisition of Adisseo would promote Innov’ia in its long-term development. After the share purchase, Innov'ia retained a high degree of management autonomy.
Innov'ia, a leader of the industry in the European market, mainly engages in the design and processing of powders and granules as ingredients in agricultural products, cosmetics, pharmaceuticals and the fine chemicals sector.
As of 2010, the company had 110 employees and generated 16 million euros ($21.15million) of annual income.
Adisseo is one of the top methionine producers in the world. With 1,300 employees, it holds three research centers and five production bases, of which three are in France, one in Spain and one in the United States.
Its distribution network covers over 100 countries and regions. The turnover of revenues had risen to one billion euros ($1.32billion) in 2010. Adisseo became a subsidiary to the BlueStar Group under ChemChina in January 2006.