La Cofece approves concentration of International Flavors & Fragrances and DuPont de Nemours

The Federal Commission for Economic Competition (Cofece) approved the concentration of International Flavors & Fragrances (IFF) and DuPont de Nemours.

This transaction implies the indirect acquisition by IFF of certain capital stock in Mexico.

On June 12, 2020, International Flavors & Fragrances and DuPont de Nemours notified Cofece of their intention to carry out a concentration, in accordance with the provisions of Article 90 of the Federal Economic Competition Law.

Initially, on December 15, 2019, Intemational Flavors & Fragrances entered into definitive agreements with DuPont de Nemours, including a Merger Agreement and Plan, pursuant to which DuPont will transfer its nutrition and biosciences business (N&B Business) to Nutrition & Biosciences, Inc., a wholly owned subsidiary of DuPont (N&B), and N&B will merge with a wholly owned subsidiary of IFF in exchange for a number of IFF common shares, valued at $ 0.125 per share (IFF Common Shares) ( collectively, the DuPont N&B Transaction).

International Flavors & Fragrances

In connection with the transaction, DuPont will receive a one-time special cash payment of $ 7.3 billion (the Special Cash Payment), subject to certain adjustments.

As a result of the DuPont N&B transaction, holders of DuPont common shares will own approximately 55.4% of the outstanding shares of International Flavors & Fragrances on a fully diluted basis.

International Flavors & Fragrances believes that the combination of IFF and N&B Business will create a world leader in high-value ingredients and solutions in the global Food & Beverage, Home & Personal Care, and Health & Wellness markets.

In addition, the company expects the companies’ complementary product portfolios to provide the combined companies with leadership positions in the key categories of flavor, texture, aroma, nutrition, enzymes, crops, soy protein and probiotics. Expect the transaction to close in early 2021.


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