. Breen said two other companies were also bidding for the DuPont division. The deal is expected to take 12 to 13 months to close and will create a $45 billion consumer giant.
Meat alternatives are one area that could benefit from the strength of the new company's research and development division. DuPont produces the plant-based proteins used in meatless alternatives, while IFF creates the flavors and colors. Shares of IFF, which has a market value of $13.4 billion, are trading down nearly 7% Monday morning. DuPont's stock, which has a market value of $48.3 billion, were up less than 1%.
Under terms of the agreement, DuPont shareholders will own 55.4% of the shares of the new company and existing IFF shareholders will own 44.6%, IFF said in a statement. Industrial materials maker DuPont will also receive a one-time cash payment of $7.3 billion upon closing of the deal, IFF added.
when do these CEO's lose their jobs for stocks which under perform greatly? $IFF stock been awful in a huge stock market year. Accountability is needed.