Deals

IFF Wins DuPont Nutrition Unit Over Kerry in $26.2 Billion Deal

DuPont shareholders to get 55% of newly formed company
Deal is latest in fast-growing food-ingredients business

IFF fought off competition from Ireland’s Kerry Group to win the deal. Bloomberg’s Manuel Baigorri reports.(Source: Bloomberg)

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By Nabila Ahmed, Kiel Porter, Dinesh Nair, and Aaron Kirchfeld

December 15, 2019 at 7:55 PM UTC

Updated on

December 16, 2019 at 3:43 PM UTC

This article is for subscribers only.

International Flavors & Fragrances Inc. declined after the company reached a $26.2 billion agreement to acquire DuPont Inc.’s nutrition division, prevailing over three other bidders as it expands in the food-ingredients business.

The transaction will create a new company comprised of the bidder’s assets and DuPont’s nutrition business. The entity will have an enterprise value of $45.4 billion, with DuPont shareholders getting a 55.4% stake and IFF shareholders getting 44.6%, the companies said in a statement Sunday after Bloomberg News reported the deal was near.