Frutarom Shareholders Approve Transaction With IFF – Quick Facts
International Flavors & Fragrances Inc. (IFF) and Frutarom Industries Ltd., an Israeli flavors, savory solutions and natural ingredients company, said that Frutarom shareholders voted to approve the proposed combination of Frutarom and IFF at the special general meeting of Frutarom shareholders held on Monday.
The companies noted that 94.6 percent of the votes cast at the special general meeting were in favor of the proposed merger, representing about 74.7 percent of all outstanding shares.
“We are pleased that Frutarom shareholders have approved the combination with IFF, marking another milestone on our path to unlock the value creation potential of the combined company. Together, IFF and Frutarom will become a global leader in taste, scent and nutrition, with a broader customer base, more diversified product offerings and increased market penetration,” said IFF Chairman and CEO, Andreas Fibig.
Upon closing of the transaction, Frutarom’s shareholders will receive for each Frutarom share $71.19 in cash and 0.249 of a share of IFF common stock. The deal is a cash and stock transaction valued at about $7.1 billion, including the assumption of Frutarom’s net debt.
The transaction is expected to close in the fourth quarter of 2018.
by RTTNews Staff Writer
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