IFF将与杜邦的营养与生物科学业务合并

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纽约和特拉华州的威尔明顿。- 2019年12月15日- IFF(纽约证券交易所:IFF)(巴黎泛欧交易所:IFF) (TASE: IFF)和杜邦(纽约证券交易所:DD)今天宣布，双方已就IFF和杜邦营养与生物科学(N&B)业务在反向莫里斯信托交易中的合并达成最终协议。根据IFF截至2019年12月13日的股价，合并后的公司的企业价值为454亿美元，反映了262亿美元的N&B业务价值。根据双方董事会一致通过的协议条款，杜邦股东将持有新公司55.4%的股份，IFF现有股东将持有44.6%的股份。交易完成后，杜邦将收到一笔73亿美元的特别现金，但需进行某些调整。

IFF与N&B的合并将为全球食品饮料、家庭和个人护理及健康保健市场创造高价值食材和解决方案的全球领导者，预计2019年预计收入超过110亿美元，不计协同效应，EBITDA为26亿美元。互补的投资组合将使公司的领导职位跨越关键口味，质地，气味，营养，酶，培养，大豆蛋白和益生菌类别。合并后的公司的全球范围和增强的能力将使其能够创造创新的解决方案，以响应客户的需求，以及消费者对天然、健康和“更适合你”的产品日益增加的偏好。

“IFF和N&B的合并是我们作为客户无价的创新和创意合作伙伴引领行业发展的关键时刻。我们将共同创建领先的成分和解决方案提供商，具有更广泛的能力，以满足客户的客户不断发展的需求，“IFF董事长兼首席执行官Andreas Fibig表示。“通过高度互补的投资组合，我们将在主要增长类别中具有全球规模和主要职位，以利用积极的市场趋势，为我们的股东推动强大的有利可图增长，为员工创造机会。N＆B的管理团队给我留下了深刻的印象，它分享了我们的文化和价值观，我们期待着欢迎他们到IFF家族。“

“杜邦和IFF拥有以客户为导向的创新和卓越文化的悠久而成功的历史，这就是为什么我相信N&B将为其下一阶段的增长做好准备。我很高兴加入合并后的组织的董事会，并继续参与释放这家新公司的潜力，”杜邦执行主席埃德·布林(Ed Breen)说。“我们进行了非常全面的过程，最终选择IFF作为N&B的首选战略合作伙伴。我对新公司的未来以及它所拥有的长期价值创造机会感到兴奋。”

战略基础

新公司将完美地为更天然、更健康的产品提供差异化的解决方案，以扩大客户基础，包括大型跨国公司和快速增长的中小客户。

• 一流的创新组合创造差异化的产品和令人信服的价值主张-在以消费者为驱动的行业快速发展中，该公司将迅速成为朝着更健康、“更适合你”产品发展的领导者。凭借领先的研发和应用开发能力以及扩大的客户基础，合并后的公司有望显著提高客户进入市场的速度，在产品开发中创造新的效率，并为下一代产品提供关键的消费者洞察。

• 在高附加值原料类别中处于领先地位-该公司将在口感、质地、气味、营养、培养、酶、大豆蛋白和益生菌等领域设立1号或2号职位。

• 极具吸引力的财务概况-股东将受益于高盈利业务和强大的现金产生。该公司预计将产生有吸引力的收入增长和提高利润率，进一步受益于成本协同效应和收入增长机会。合并后的公司将维持IFF当前的股息政策。

• 共享文化和愿景，执行的战略资产- IFF和N&B是以客户为中心的组织，文化强调科学和创造力。合并后的公司将受益于两家公司经验丰富的领导者和才华横溢的团队。我们对可持续发展的共同承诺，以及我们互补的能力的结合，将使我们能够积极地塑造行业的发展。
  

“我的团队和我很兴奋有机会建造新公司，并创造一个新的世界级领导者。Matthias Heinzel，Matthias Heinzel，Matthias Heinzel，Matthias Heinzel总统说，我们的专业知识与IFF一起解决客户需求并最终重新定义我们的行业。““IFF的创新和以客户为中心的文化非常相似，我们期待与他们合作，以便顺利地整合我们的两个组织。”

治理与管理

结束后，新公司董事会将包括13个董事：7当前的IFF董事和6名杜邦董事任命，直到2022年的年会，每家公司都有6名董事。andreas fibig将继续成为董事会主席和IFF任命的人，他还将继续作为首席执行官。该公司将总部位于纽约。杜邦高管董事长Ed Breen将加入联合公司作为杜邦任命的公司，并将作为6月1日开始的领导独立董事。

新公司将从两个机构中吸取最优秀的人才。IFF和N&B将组成一个由两家公司领导人组成的整合办公室。

金融福利

合并后的公司将拥有强劲的财务状况，包括:

• 根据2019财年的估计结果，预计收入超过110亿美元
• 根据2019财年预估结果，调整后的息税折旧及摊销前利润约为23%，运行率成本协同约为26%
• 长期预期收入增长率在5%左右
• 强大的现金流成，支持投资级信贷档案
• 承诺继续IFF的历史股息政策

IFF预计在结束后第三年结束时，IFF将在比率基础上实现约3亿美元的成本协同作用。这些成本协同效应将由采购卓越，简化开销和制造业效率驱动。此外，合并的公司目标是提供超过4亿美元的租率收入协同效应，这将导致超过1.75亿美元的EBITDA，通过跨销售机会驱动，并利用在更广泛的客户群中的扩展能力。

IFF致力于维持投资级评级，并计划在交易结束后的第二年将杠杆率从接近3.0倍的约4.0倍降至接近3.0倍。在交易完成后，IFF预计合并后公司的大部分债务将是同等价值的。

指导

IFF确认其现有的2019年全年指南。该公司再次确认全年营收预估为51.5亿至52.5亿美元，调整后每股收益介于4.85至5.05美元，扣除摊销后的调整后每股收益介于6.15至6.35美元。

杜邦再次确认了其全年总收入约215亿美元的预期，调整后每股收益[1]区间为3.77 - 3.82美元。杜邦预计，由于安全与建筑(S&C)和电子与成像(E&I)的临时供应链中断，营运的息税折旧摊销前利润将处于之前提供的范围的低端。

交易明细

合并将通过反向莫里斯信托交易执行。合并完成后，杜邦股东将拥有合并后公司55.4%的股份，IFF股东将拥有44.6%的股份。此外，在项目完成时，杜邦公司将收到一笔73亿美元的一次性现金支付，数额可能会有所调整。预计这笔交易对杜邦及其股东免征美国联邦所得税。

融资和批准

该交易还需得到IFF股东的批准，以及其他常规交易完成条件，包括监管部门的批准。作为交易的一部分，IFF的最大股东Winder Investments已经同意投票支持该交易。双方的目标是在2021年第一季度末完成交易。IFF和N&B已从摩根士丹利(Morgan Stanley)和瑞士信贷(Credit Suisse)获得全额承诺债务融资。合并后的公司致力于维持投资级评级。

顾问

由Greenhill & Co. LLC和Morgan Stanley & Co. LLC担任IFF的财务顾问，Cleary Gottlieb Steen & Hamilton LLP担任法律顾问。瑞士信贷证券(美国)有限责任公司和Evercore担任杜邦的财务顾问，世达律师事务所(Skadden, Arps, Slate, Meagher & Flom LLP)担任法律顾问。

电话会议的细节

两家公司将于2019年12月16日(周一)美国东部时间上午7:30举行联合电话会议，讨论这一宣布。电话会议将包括一个幻灯片演示，并鼓励参与者通过网络广播观看演示www.strongerinnovationtogether.com/investors．

也可以通过拨打:(877)830-2586(免费电话)或(785)424-1734(国际)并使用会议ID: 121619来访问会议电话。重放可以使用大约90天，可以通过拨:(800)839-4199(免费)或(402)220-2989(国际)访问。

关于IFF和N&B组合的更多信息可在以下网址找到www.strongerinnovationtogether.com.．

关于iff.

在IFF(纽约证券交易所代码:IFF)(巴黎泛欧交易所代码:IFF) (TASE代码:IFF)，我们正在用不凡的感觉来创造世界需要的东西。作为一群非传统的思想家和创造者，我们运用科学和艺术的力量，为我们的世界渴望的产品创造独特的和意想不到的气味、味道、体验和配料。学习更多在iff.com那推特那脸谱网那Instagram,linkedin．

对杜邦公司

杜邦公司(NYSE: DD)是全球创新领导者，以科技为基础的材料、配料和解决方案帮助改变工业和日常生活。我们的员工运用不同的科学和专业知识，帮助客户在电子、交通、建筑、水、健康和保健、食品和工人安全等关键市场推进他们的最佳理念，并提供必要的创新。更多信息请访问www.ljlcyg.com．

关于杜邦营养与生物科学

杜邦营养与生物科学应用专家科学，为食品、饮料、膳食补充剂和制药行业提供以市场为导向、健康和可持续的解决方案。我们还在一系列市场中使用尖端生物技术，以推进基于生物的解决方案，以满足不断增长的人口的需求，同时为子孙后代保护我们的环境。我们是创新的解决者，帮助我们的客户将挑战转化为高价值的商业机会。更多信息:www.dupontnutritionandhealth.com或www.biosciences.dupont.com.．

附加信息和在哪里找到它

这种通信并不打算,不得构成要约出售或要约出售或征集的征集收购任何证券或征集投票批准,不得有任何出售证券的任何管辖权的报价,根据任何该等司法管辖区的证券法，在注册或取得资格之前进行招揽或出售均属非法。除非通过符合《1933年证券法》(经修订的《证券法》)第10节要求的招股书，否则不得发行证券。鉴于杜邦公司(DuPont de Nemours, Inc.)的全资子公司营养与生物科学公司(“N&Bco”)与国际香料与香料公司(“IFF”)的拟议合并，该合并将在N&Bco与杜邦公司(“拟议交易”)分离后立即进行(“拟议交易”)，Neptune Merger Sub I Inc.(“Merger Sub I”)和Neptune Merger Sub II LLC(“Merger Sub II”)打算向SEC提交相关材料，包括表S-4上的注册声明，其中将包括与拟议交易相关的代理声明/招股说明书。此外，N&Bco预计将提交一份与与杜邦分离有关的注册声明。投资者及证券持有人应尽早阅读本公司的注册声明、代理声明/招股说明书及其他有关文件，因为这些文件将载有有关国际人寿保险公司、n&bco、合并子公司i、合并子公司ii及拟议交易的重要资料。公司将向IFF股东发送一份明确的代理声明，以寻求对拟议交易的批准。与拟议交易相关的文件(如果有的话)可从美国证券交易委员会的网站免费获取www.sec.gov.．这些文件的免费副本，一旦可用，以及每个公司向SEC提交的其他文件，也可以通过以下方式从各自的公司联系杜邦或IFF的投资者关系部门获取:

关于前瞻性陈述的警告

该沟通在联邦证券法的含义中包含“前瞻性陈述”，包括“证券法”第27A条，以及1934年“修订”的“证券交流法”第21E条（“交流法”）。在这方面，前瞻性陈述往往地满足预期的未来业务和财务绩效和财务状况，通常包含“期待”等词语“预期”，“打算”，“计划，”“求，”“求，”“请参阅，”“遗嘱，”，“目标，”类似的表情，以及这些词的变化或否定。他们的自然地址向前陈述，对不同程度，不确定的事项，如关于拟议交易的陈述，拟议交易的预期时间表，拟议交易的福利和协同作用，联合公司未来机会and products and any other statements regarding DuPont’s, IFF’s and N&Bco’s future operations, financial or operating results, capital allocation, dividend policy, debt ratio, anticipated business levels, future earnings, planned activities, anticipated growth, market opportunities, strategies, competitions, and other expectations and targets for future periods. There are several factors which could cause actual plans and results to differ materially from those expressed or implied in forward-looking statements. Such factors include, but are not limited to, (1) the parties’ ability to meet expectations regarding the timing, completion and accounting and tax treatments of the proposed transaction, (2) changes in relevant tax and other laws, (3) any failure to obtain necessary regulatory approvals, approval of IFF’s shareholders, anticipated tax treatment or any required financing or to satisfy any of the other conditions to the proposed transaction, (4) the possibility that unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies that could impact the value, timing or pursuit of the proposed transaction, (5) risks and costs and pursuit and/or implementation of the separation of N&Bco, including timing anticipated to complete the separation, any changes to the configuration of businesses included in the separation if implemented, (6) risks related to indemnification of certain legacy liabilities of E. I. du Pont de Nemours and Company (“Historical EID”) in connection with the distribution of Corteva Inc. on June 1, 2019 (the “Corteva Distribution”), (7) potential liability arising from fraudulent conveyance and similar laws in connection with DuPont’s distribution of Dow Inc. on April 1, 2019 and/or the Corteva Distributions (the “Previous Distributions”), (8) failure to effectively manage acquisitions, divestitures, alliances, joint ventures and other portfolio changes, including meeting conditions under the Letter Agreement entered in connection with the Corteva Distribution, related to the transfer of certain levels of assets and businesses, (9) uncertainty as to the long-term value of DuPont common stock, (10) potential inability or reduced access to the capital markets or increased cost of borrowings, including as a result of a credit rating downgrade, (11) inherent uncertainties involved in the estimates and judgments used in the preparation of financial statements and the providing of estimates of financial measures, in accordance with the accounting principles generally accepted in the United States of America and related standards, or on an adjusted basis, (12) the integration of IFF and its Frutarom business and/or N&Bco being more difficult, time consuming or costly than expected, (13) the failure to achieve expected or targeted future financial and operating performance and results, (14) the possibility that IFF may be unable to achieve expected benefits, synergies and operating efficiencies in connection with the proposed transaction within the expected time frames or at all or to successfully integrate Frutarom and N&Bco, (15) customer loss and business disruption being greater than expected following the proposed transaction, (16) the impact of divestitures required as a condition to consummation of the proposed transaction as well as other conditional commitments, (17) legislative, regulatory and economic developments; (18) an increase or decrease in the anticipated transaction taxes (including due to any changes to tax legislation and its impact on tax rates (and the timing of the effectiveness of any such changes)) to be paid in connection with the separation prior to the closing of the transactions could cause an adjustment to the exchange ratio, (19) potential litigation relating to the proposed transaction that could be instituted against DuPont, IFF or their respective directors, (20) risks associated with third party contracts containing consent and/or other provisions that may be triggered by the proposed transaction, (21) negative effects of the announcement or the consummation of the transaction on the market price of DuPont’s and/or IFF’s common stock, (22) risks relating to the value of the IFF shares to be issued in the transaction and uncertainty as to the long-term value of IFF’s common stock, (23) risks relating to IFF’s ongoing investigations into improper payments made in Frutarom businesses principally operating in Russia and the Ukraine, including expenses incurred with respect to the investigations, the cost of any remedial measures or compliance programs arising out of the investigations, legal proceedings or government investigations that may arise relating to the subject of IFF’s investigations, and the outcome of any such legal or government investigations, such as the imposition of fines, penalties, orders, or injunctions, (24) the impact of the failure to comply with U.S. or foreign anti-corruption and anti-bribery laws and regulations, including with respect to IFF’s ongoing investigations into improper payments made in Frutarom businesses principally operating in Russia and the Ukraine, (25) the impact of the outcome of legal claims, regulatory investigations and litigation, including any that may arise out of IFF’s ongoing investigations into improper payments made in Frutarom businesses principally operating in Russia and the Ukraine, (26) the ability of N&Bco or IFF to retain and hire key personnel, (27) the risk that N&Bco, as a newly formed entity that currently has no credit rating, will not have access to the capital markets on acceptable terms, (28) the risk that N&Bco and IFF will incur significant indebtedness in connection with the potential transaction, and the degree to which IFF will be leveraged following completion of the potential transaction may materially and adversely affect its business, financial condition and results of operations, (29) the ability to obtain or consummate financing or refinancing related to the transaction upon acceptable terms or at all, and (30) other risks to DuPont’s, N&Bco’s and IFF’s business, operations and results of operations including from: failure to develop and market new products and optimally manage product life cycles; ability, cost and impact on business operations, including the supply chain, of responding to changes in market acceptance, rules, regulations and policies and failure to respond to such changes; outcome of significant litigation, environmental matters and other commitments and contingencies; failure to appropriately manage process safety and product stewardship issues; global economic and capital market conditions, including the continued availability of capital and financing, as well as inflation, interest and currency exchange rates; changes in political conditions, including tariffs, trade disputes and retaliatory actions; impairment of goodwill or intangible assets; the availability of and fluctuations in the cost of energy and raw materials; business or supply disruption, including in connection with the Previous Distributions; security threats, such as acts of sabotage, terrorism or war, natural disasters and weather events and patterns which could result in a significant operational event for DuPont, N&Bco or IFF, adversely impact demand or production; ability to discover, develop and protect new technologies and to protect and enforce DuPont’s, N&Bco’s or IFF’s intellectual property rights; unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism or outbreak of war or hostilities, as well as management’s response to any of the aforementioned factors. These risks, as well as other risks associated with the proposed merger, will be more fully discussed in the registration statement and merger proxy on Form S-4 to be filed by IFF and the registration statement on Form 10 to be filed by N&Bco. While the list of factors presented here is, and the list of factors to be presented in any registration statement filed in connection with the transaction are, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward looking statements. Further lists and descriptions of risks and uncertainties can be found in each of IFF’s and DuPont’s Form 10-Q for the period ended September 30, 2019 and each of IFF’s and DuPont’s respective subsequent reports on Form 10-Q, Form 10-K and Form 8-K, the contents of which are not incorporated by reference into, nor do they form part of, this announcement. Any other risks associated with the proposed transaction will be more fully discussed in any registration statement filed with the SEC. While the list of factors presented here is, and the list of factors that may be presented in a registration statement of IFF or N&Bco would be, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on IFF’s, DuPont’s or N&Bco’s consolidated financial condition, results of operations, credit rating or liquidity. None of IFF, DuPont nor N&Bco assumes any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.

参与征集活动的人士

此沟通不是来自任何投资者或担保持有人的代理的征集。但是，杜邦，IFF及其各自的董事和执行人员可能被视为参与者在审案规则下与拟议交易有关的代表招标。关于杜邦的董事和执行官员的资料，可以在2019年2月11日及其2月11日提交的2月11日提交的2月11日的年度报告中找到，其明确的代理声明于2019年5月1日提交了第二份。有关董事和董事的信息IFF的执行官员可以在2019年3月18日提交的第二个代理声明中。关于代理人招揽的其他信息以及其担保持有或其他方式的参与者及其直接和间接利益的描述在注册陈述中，招股说明书和代理陈述以及其他相关材料可以在其可用时提交与SEC提交。

[1]调整后每股收益基于预估基础，是非公认会计准则衡量。参考杜邦于2019年10月31日发布的第三季度收益公告中的调整后每股收益前景调节，可在我们网站的投资者部分找到。