* Sees full year EBIT just under 1.4 bln, previous 1.3 bln
* Says proposes to remove voting restrictions
* Q1 2009-10 EBIT 524 million, vs 351 million Reuters Poll
* Shares rise more than 11 percent
(Adds CEO, analyst comments, updates share price)
By Mette Fraende
COPENHAGEN, Sept 17 (Reuters) - Danish food ingredients and enzymes maker Danisco on Thursday beat forecasts, upped its full-year expectations, and proposed to remove voting restrictions, sending its shares up sharply.
Its shares were up 12.6 percent at 312.75 Danish crowns at 1150 GMT, outperforming the benchmark index which fell 0.24 percent, as the results and revised expectations took some analysts by surprise, and as the company paved the way as a future takeover target by proposing a change in voting rights, an analyst said.
"Danisco is warming up to the company being a potential takeover target, and off course the share is reacting to that," said Jacob Thrane, equity analyst at Standard & Poor's Equity Research.
"The management is now saying they want to change the rules, and that is because they want to be in a stronger negotiation position in case of a takeover," Thrane said, adding it would increase flexibility and give more power to the investors.
Chief Executive Tom Knutzen said the proposal to remove voting restrictions had been put forward because it had a negative influence on its share price.
When asked, Knutzen said no company had approached Danisco for a potential takeover.
Danisco said in a statement its board of directors had decided to propose a removal of the 7.5 percent voting restriction, and change of the election period for the board members from two years to one year.
The changes would be put forward at the group's next annual general meeting on Aug. 19 next year.
SURPRISING ANALYSTS
The result for the first quarter was driven by growth in its Cultures, Genencor and Enablers divisions, while its Sweeteners division remained weak, the company said.
Its shares have risen 29.5 percent so far this year, underperforming a 36.5 percent rise in the benchmark index.
"I did not expect the company could post such a good result in the first quarter, so this revision of expectations comes as a bit of a surprise," said Rune Dahl, analyst at Sydbank.
"It is well on its way to reach its full-year targets already, so one might wonder why they do not revise expectations up even further," Dahl said.
The company, which sells enzymes and ingredients used to produce items such as ice cream, soft drinks, jeans, detergents and biofuels, said earnings before interest and tax (EBIT) rose to 524 million Danish crowns ($107.5 million) in the three months to end-July from 403 million in the same quarter last year.
The result beat an average forecast of 351 million crowns in a Reuters poll of 10 analysts.
"It was a very strong set of results. It was very positive that Genencor has turned. It is really performing and gives a lift to the EBIT margin," said Michael Friis Jorgensen, analyst at Alm. Brand.
Danisco's said it expected full-year EBIT of just under 1.4 billion Danish crowns, up from its previous guidance for full-year EBIT of 1.3 billion crowns, and upped its full-year group profit to slightly above 700 million crowns, from its previous forecast of 650 million. It kept its group revenue forecast unchanged at 13.5 billion crowns.
"We are encouraged by the positive start to the year, not least in view of the still challenging and volatile market environment," Chief Executive Tom Knutzen said.
($1=5.043 Danish Crown)
(Reporting by Mette Fraende, additional reporting by Henriette Jacobsen; Editing by Mike Nesbit and Jon Loades-Carter)