Berenberg Expects DSM-Firmenich to Retain Minority Stake in Vitamins Business Amid 'Protracted' Deal Talks

05:22 AM EST, 12/30/2025 (MT Newswires) -- DSM-Firmenich (DSFIR.AS) is likely to remain a minority shareholder in its vitamins unit, Berenberg said, noting "protracted" deal negotiations with potential buyers as 2025 draws to a close without updates about its planned vitamins and animal nutrition exit. "The outcome, in our view, will be a compromise arrangement involving DSM-Firmenich remaining a minority shareholder in the business, perhaps with around a 35% stake," analysts wrote Tuesday. "Even if DSM-Firmenich's remaining stake proves difficult to monetise, we suspect the market reaction will be to sigh with relief that the level of volatility associated with the business has been reduced." The research firm, however, believes that even a partial vitamins exit could trigger a stock rally for DSM-Firmenich amid lower vitamin prices. As such, the stock's buy rating was reiterated, while the price target was reduced to 82 euros from 88 euros. Berenberg's estimates for DSM's EPS in 2025 to 2027 were also cut between 4% and 12% due to a tax adjustment and potential headwinds from the appreciation of the Swiss franc.