DSM and Firmench launch exchange offer for merger

DSM and Firmenich have launched an exchange offer as part of their merger process to establish a new creation and innovation company, called DSM-Firmenich.

The merger will be made through a public offer for DSM shares, in exchange for DSM-Firmenich shares. The acceptance period is expected on 31 January 2023, unless extended.

Swiss company Firmenich is the world's largest privately-owned fragrance and taste company, known for creating fragrance for brands including Calvin Klein, Gucci and YSL. DSM is a Dutch-Swiss corporation that specialises in personal care, health, nutrition and bioscience.

DSM and Firmenich entered into a business combination agreement to establish DSM-Firmenich in May 2022.

The partnership will bring together Firmenich's perfumery and taste businesses with DSM's health and nutrition portfolio, to create four "high-performing and complementary" businesses across Perfumery & Beauty, Health, Nutrition & Care, Food & Beverage and Animal Nutrition & Health.

DSM-Firmenich later announced its new leadership team, with members drawn from both companies. Geraldine Matchett and Dimitri de Vreeze were appointed as Co-CEOs.

Geraldine Matchett and Dimitri de Vreeze, Co-CEOs of DSM-Firmenich, said: “We are entering the exciting next phase as we look to bring together DSM and Firmenich's complementary capabilities, likeminded and passionate people, and unite the heritages of two great and historic companies.

“The new company is set to become the leading creation and innovation partner in nutrition, beauty and wellbeing, capable of delivering enhanced growth and shareholder value creation through strong growth synergies, as well as an enhanced customer offering and an even greater positive impact across the world."