Neste's IH Demeter majority acquisition receives approval
Finland-headed oil refiner and renewable fuel producer Neste Oyj have announced that it has concluded its majority acquisition of IH Demeter B.V., a Netherlands-headed trader of animal fats and proteins.
In May 2018, Neste announced its intention to acquire 51 percent shareholding of IH Demeter B.V. subject to approval by relevant regulatory bodies. The acquisition has been approved by regulatory authorities, and the deal has been closed.
I am delighted to announce, that the transaction has been finalized. We share the same vision for the future, and we are devoted to developing Neste Demeter’s business further. I am glad that the co-owners trusted us to be the best partner in taking their business to the next level, said Kaisa Hietala, Executive Vice President of Renewable Products business area of Neste.
Neste now owns 51 percent of the shares of IH Demeter B.V., making Neste the controlling shareholder. The former owners remain as co-owners.
This supports Neste’s strategy of building a global waste and residue raw material platform to secure raw material availability and competitiveness. With an efficient European-wide logistical setup, the company is well positioned to serve Neste in delivering future raw material volumes to Neste’s renewable product refineries, said Hietala.
As a result of the deal, the company will be renamed Neste Demeter B.V. The value of the transaction has not been disclosed.