Indian ingredients and chemicals producer Camlin Fine Sciences (CFS) has secured control of French functional ingredients company Vinpai after acquiring a majority shareholding.
CFS has purchased 78.68% of Vinpai’s share capital at a price of €3.60 ($4.16) per share.
The transaction gives the Mumbai-headquartered group a controlling interest in the Vinpai, which develops algae-, plant-, mineral- and fibre-derived functional ingredients for use in food, cosmetics and nutraceutical applications.
In addition to the block acquisition, CFS has announced that it will convert its convertible bonds, issued on 20 October 2025, into 1,100,000 new Vinpai shares on 1 December 2025.
Once this conversion is completed, CFS is expected to control 83.82% of Vinpai’s share capital and 80.86% of its voting rights.
CFS has also stated that it plans to submit a simplified cash tender offer (OPAS) to France’s financial markets regulator, the Autorité des marchés financiers (AMF), in mid-December 2025.
The proposed offer will target all remaining Vinpai shares at €3.60 per share, the same price as the block purchase.
The company has further indicated that, subject to legal and regulatory approvals, it intends to proceed with a squeeze-out following the offer.
Vinpai said its board of directors signed off on the planned tie-up with CFS on 24 February 2025.
The board expects to recommend that shareholders tender their shares to the OPAS.
It is subject to the conclusions of a fairness opinion from an independent expert on the financial terms of the offer, including in relation to any subsequent squeeze-out.
Vinpai operates from two facilities, in Saint-Dolay and close to the port of Saint-Nazaire. The company has developed more than 3,500 formulas and employs 43 people.
Its ingredients are supplied to customers in more than 36 countries.
