Apollo asked to rejoin DSM-Firmenich’s auction as CVC bid stalls: report

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DSM-Firmenich AG (OTC:KDSKF [https://seekingalpha.com/symbol/KDSKF]) has invited Apollo Global Management (NYSE:APO [https://seekingalpha.com/symbol/APO]) to rejoin in the Dutch group’s auction of its animal nutrition and health unit after failing to reach a buyout arrangement with CVC Capital Partners (OTC:CVCCF [https://seekingalpha.com/symbol/CVCCF]), Bloomberg News reported on Saturday.

The company has brought back Apollo (NYSE:APO [https://seekingalpha.com/symbol/APO]) to the auction after differences over value and structure hampered a potential agreement with CVC (OTC:CVCCF [https://seekingalpha.com/symbol/CVCCF]), the sole remaining bidder, according to people familiar with the matter.

In July, DSM-Firmenich (OTCQX:DSFIY [https://seekingalpha.com/symbol/DSFIY]) had shortlisted the two private equity firms alongside its Dutch rival Nutreco, seeking a valuation of roughly €3B ($3.2B) for the unit in a transaction expected to close by the end of 2025.

However, the sale would not reach that valuation, some of the people said, citing ongoing talks. While DSM-Firmenich (OTCQX:DSMFF [https://seekingalpha.com/symbol/DSMFF]) would opt to sell the entire business, CVC (OTC:CVCCF [https://seekingalpha.com/symbol/CVCCF]) and Apollo (NYSE:APO [https://seekingalpha.com/symbol/APO]) reportedly have different plans for the unit’s Vitamin [https://www.bloomberg.com/news/articles/2025-09-27/dsm-firmenich-reinvites-apollo-into-auction-as-cvc-bid-hits-snag?srnd=homepage-asia] division, where margins have come under pressure due to Chinese competition.

The duo would prefer the Amsterdam-listed company to separate or restructure the unit or hold an ownership stake in the vitamins business to alleviate the concerns. Subject to a successful conclusion to discussions, the winner and structure of the deal would be disclosed in the weeks ahead, the people said.

MORE ON DSM-FIRMENICH, APOLLO GLOBAL MANAGEMENT, ETC.

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* Apollo Global Management, Inc. (APO) Presents at Bank of America 30th Annual Financials CEO Conference 2025 Transcript [https://seekingalpha.com/article/4823235-apollo-global-management-inc-apo-presents-at-bank-of-america-30th-annual-financials-ceo]
* Apollo Global Management, Inc. (APO) Presents At Barclays 23rd Annual Global Financial Services Conference (Transcript) [https://seekingalpha.com/article/4820994-apollo-global-management-inc-apo-presents-at-barclays-23rd-annual-global-financial-services]
* Apollo Global drops out of bidding for Coca-Cola’s Costa Coffee - report [https://seekingalpha.com/news/4496940-apollo-global-drops-out-of-bidding-for-coca-colas-costa-coffee---report]
* Apollo Global explores sale of AOL - WSJ [https://seekingalpha.com/news/4495282-apollo-global-explores-sale-of-aol-wsj]