IFF secures stakeholders approval to merge with DuPont’s nutrition business

Shareholders of International Flavors & Fragrances (IFF) have approved the company’s upcoming merger with DuPont’s Nutrition & Biosciences (N&B) business.

They approved the issuance of shares of IFF common stock in relation to a merger, which was first announced last December.

The Reverse Morris Trust transaction values the new entity at $45.4bn on an enterprise value basis.

DuPont shareholders will hold a 55.4% stake in the newly formed company while IFF shareholders will own the remaining 44.6% stake.

IFF chairman and CEO Andreas Fibig said: “We are pleased to have received the strong support of IFF shareholders, who have recognised this unique opportunity to create a leading ingredients and solutions provider, which is better positioned to meet our customers’ evolving needs and unlock long-term value creation.

“We’ve already made tremendous progress in the integration planning process to develop a purpose, vision and operating structure for our future combined company and today’s milestone brings us that much closer to bringing the combination to life.”

With the receipt of approval from IFF shareholders, the deal is said to be on track to close in the first quarter of next year, subject to regulatory approvals and closing conditions.

IFF noted that it will be submitting the final voting results with the Securities and Exchange Commission on a Form 8-K within four business days.

Following the merger, IFF and DuPont N&B aim to create a company that would offer ingredients and solutions for global food and beverage industries, as well as the health and wellness markets.

DuPont executive chairman and CEO Ed Breen said: “We appreciate that IFF shareholders are supportive of this transformative opportunity to bring these two iconic businesses together that will redefine the industry for years to come.

“Our integration planning remains on track, and we are confident that the new combined company will be well-positioned for growth and to deliver sustainable value for our shareholders.”