Now, we are heading to business. I read on the internet that Royal DSM NV, the world’s biggest maker of vitamins, has conducted Annual General Meeting of Shareholder. On below posting, you can find the announcement made by DSM after the meeting, which outline the result of Final Statement for 2010 of Royal DSM NV. On other news, I read that since the first quater earning has beat estimation, the DSM shares has up the most in 2 years.
Read more about the result of Royal DSM NV Annual General Meeting after the break.
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DSM Announces results of Annual General Meeting of Shareholders.
Royal DSM today held its Annual General Meeting of Shareholders.
The following items were approved:
* Adoption of the Financial Statements for 2010
* Adoption of the dividend for 2010 (see separate press release)
* Release from liability of the members of the Managing Board and
Supervisory Board for their responsibilities in the financial year 2010
* Reappointment of Mr. S. Tanda as a member of the Managing Board
* Appointment of Mr. S. Doboczky as a member of the Managing Board
* Appointment of Mrs. P.F.M. van der Meer Mohr as a member of the
Supervisory Board
* Amendment of the remuneration of the Supervisory Board
* Extension of the period during which the Managing Board is authorized
to issue ordinary shares and to limit or exclude the preferential right
when issuing ordinary shares
* Authorization of the Managing Board to have the company repurchase
shares
* Reduction of the issued capital by canceling shares
* Amendment of the Articles of Association
DSM – Bright Science. Brighter Living.™
Royal DSM N.V. is a global science-based company active in health, nutrition and materials. By connecting its unique competences in Life Sciences and Materials Sciences DSM is driving economic prosperity, environmental progress and social advances to create sustainable value for all stakeholders. DSM delivers innovative solutions that nourish, protect and improve performance in global markets such as food and dietary supplements, personal care, feed, pharmaceuticals, medical devices, automotive, paints, electrical and electronics, life protection, alternative energy and bio-based materials. DSM’s 22,000 employees deliver annual net sales of about EUR 9 billion. The company is listed on NYSE Euronext. More information can be found at www.dsm.com
Press release-pdf: http://hugin.info/130663/R/1510447/445483.pdf
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: DSM N.V. via Thomson Reuters ONE
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DSM Says ‘No Pause’ in Acquisitions as Profit Tops Estimates
By Sheenagh Matthews
Royal DSM NV, the world’s biggest maker of vitamins, said it is capable of pursuing other potential acquisitions even as it works to integrate its $1.09 billion purchase of Martek Biosciences Corp.
There will be “no pause” in the takeover strategy with other targets like Martek out there, Chief Financial Officer Rolf-Dieter Schwalb said on a call. First-quarter earnings beat estimates, sending DSM shares up the most in two years.
Chief Executive Officer Feike Sijbesma last year sold fertilizer, melamine and citric-acid businesses, aiming to expand in more profitable food ingredients and synthetic fibers. The disposals were part of a decade-long transformation of DSM into a so-called life sciences company using organisms to make materials applicable to industry.
“The company has a war chest of more than 2 billion euros and management has a strong track record of doing acquisitions,” said Mutlu Gundogan, an analyst at Royal Bank of Scotland, which has a “buy” recommendation on DSM shares.
Operating profit from continued operations rose 14 percent to 325 million euros ($478 million) in the first quarter, beating a 287.8 million-euro analyst estimate.
The Dutch maker of enzymes climbed as much as 7.1 percent in Amsterdam trading, its biggest intraday gain since March 2009. The stock was up 4.9 percent at 45.54 euros as of 10:43 a.m. local time. Prior to today, it had risen 1.9 percent this year, for a market value at 7.88 billion euros.
Protective of Rating
DSM sees the current “strong” business conditions continuing in the rest of the year and the company is optimistic that the extra burden of raw-material costs can be passed on to customers.
The shares are trading at a 25 percent discount to peers and are “too cheap to ignore,” said Gundogan. Takeovers would act as a trigger for further stock gains, the analyst said.
The company’s focus has switched to developing nutritional supplements as well as enzymes that can be used to convert leftover stalks and roots into biofuel, amid the wider debate surrounding the direct use of sugar cane and other food crops.
While DSM plans more acquisitions the company is “far away” from taking on any deal that would jeopardize its A3 and A credit ratings from Moody’s Investors Service and Standard & Poor’s, Schwalb said today.
DSM is in the midst of a tie-up with Sinochem Group involving its penicillin unit, though the timing of a final agreement is difficult to predict, the CFO said today. It agreed to sell a 50 percent stake to the Chinese chemicals group for 210 million euros last year, ending a six year search for a partner.
DSM is still overhauling the rest of its drug-making business as it seeks an Asian partner to win more contracts from pharmaceutical companies seeking to outsource production. The alliance with Sinochem could be expanded to other areas if the initial venture goes well, Schwalb said.
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Source
http://pr-usa.net
http://www.bloomberg.com
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