Auriga Industries A/S in June announced it initiated a review of strategic business options. As of this month Auriga confirmed that a process is proceeding to investigate a “sale transaction,” which multiple sources have identified as the potential sale of Cheminova.
Auriga Industries A/S is the parent company of Cheminova A/S, which is the wholly owned operating company with its headquarters in Denmark. Cheminova develops, produces and markets crop protection products.
Discussions with several parties regarding a potential transaction are currently underway, and Auriga has engaged advisors to assist in the process, the company confirmed. But Auriga in its formal announcement reports there can be no certainty about the outcome of the discussions, the type of transaction or whether a transaction will occur at all.
Auriga is definitely playing it close to the vest and says it will make further announcements if and when it is deemed necessary or appropriate.
Private equity firms Bain, CVC and EQT and Israel-based Adama Agricultural Solutions are expected to submit second round bids in an auction process at the end of August for the unit, banking sources told Reuters earlier.