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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%
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