Source - Alliance News

Tate & Lyle PLC - London-based provider of ingredients to food and beverage producers - Completes acquisition of CP Kelco from the US’s JM Huber Corp. Tate & Lyle in June agreed to buy nature-based ingredients firm CP Kelco. The $1.8 billion takeover of the Atlanta, Georgia-based company consisted of $1.15 billion in cash, plus $645 million from the issue of 75 million new Tate & Lyle shares, giving a value of $8.60 per Tate & Lyle share. The new shares are admitted to trading in London on Monday, increasing the total to 476.7.6 million, including shares in treasury.

Huber, a consumer and industrial products firm, now has a 16% stake in Tate & Lyle, and is expected to be a ‘long-term shareholder’. Huber is allowed two representatives on the Tate & Lyle board as non-executive directors. These are Huber Chief Financial Officer Glenn Fish and General Counsel Claudia Vaz de Lestapis.

Current stock price: 740.00 pence

12-month change: up 18%

Copyright 2024 Alliance News Ltd. All Rights Reserved.

Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account. AJ Bell logo

Related Charts

Tate & Lyle PLC (TATE)

-10.00p (-1.46%)
delayed 18:50PM