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?

Get unlimited access to The Currency and The Wall Street Journal with an annual membership – and receive a free, signed copy of Vincent Browne’s new book, Charles Haughey: Glory, Greed and Guns, delivered straight to your door.

Subscribe

Cancel at any time.

Are you already a member? .