Yesterday we learned Kerry Group narrowly missed out on a giant merger with DuPont’s nutrition and biosciences business. The DuPont business will instead merge with International Flavours and Fragrances (IFF), a New York-based flavourings company, in a deal worth $26.2 billion. Why did Kerry lose out? It wasn’t about price, said DuPont CEO Ed Breen on a conference call yesterday afternoon. He said the three main bidders — IFF, Kerry and DSM — valued DuPont evenly. “All three offers sat on top of each other, financially”, he said. “The only difference was their mix of cash and equity.” If not…

Want to continue reading?

Join today with an Annual membership and get full access to The Currency for just €200 (68c per day) or try monthly membership for just €5 for your first month.

Subscribe

Cancel at any time.

Are you already a member? .