DSM and Firmenich obtain all competition clearances for merger

By Julia Wray | Published: 4-Apr-2023

Sze Cotte-Tan becomes 12th member to join DSM-Firmenich’s future board of directors

DSM and Firmenich have obtained unconditional competition clearance from the Competition Commission of India (CCI) for their merger.

With this step, the companies have competition clearance in all required jurisdictions, satisfying this transaction condition.

The acceptance period for DSM shareholders to tender their shares has now been extended and will expire on 17 April at 5.40pm CET, the date on which the company intends to declare the exchange offer unconditional.

In addition, Sze Cotte-Tan has been selected as the 12th member to join the future board of directors of the new company DSM-Firmenich, as an independent director.

Cotte-Tan is said to bring a wealth of knowledge and experience in food technology at executive level, as well as in practicing business in the Asia Pacific region.

DSM, a  Dutch-Swiss nutrition, health and biosciences company, and Swiss perfumery player Firmenich made public their intention to merge in May last year, officially making an exchange offer in November.  

Once merged, DSM-Firmenich will comprise four businesses: Perfumery & Beauty; Health, Nutrition & Care, which covers the dietary supplements industry; Food & Beverage/Taste & Beyond; and Animal Nutrition & Health.

It will be co-headquartered in Kaiseraugst, Switzerland and Maastricht in the Netherlands.

Firmenich, along with fragrance giants Givaudan, IFF and Symrise, was recently subject to unannounced inspections at its offices in France, Switzerland and the UK by antitrust authorities.

Firmenich and DSM announced that they would be providing a further update on the situation shortly by way of a supplement to their offering circular, a type of prospectus provided for a new security listing.

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