IFF与杜邦的营养和生物科学业务合并

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纽约和特拉华州的威尔明顿。– December 15, 2019 – IFF (NYSE: IFF) (Euronext Paris: IFF) (TASE: IFF) and DuPont (NYSE: DD) today announced that they have entered into a definitive agreement for the merger of IFF and DuPont’s Nutrition & Biosciences (N&B) business in a Reverse Morris Trust transaction. The deal values the combined company at $45.4 billion on an enterprise value basis, reflecting a value of $26.2 billion for the N&B business based on IFF’s share price as of December 13, 2019. Under the terms of the agreement, which has been unanimously approved by both Boards of Directors, DuPont shareholders will own 55.4% of the shares of the new company and existing IFF shareholders will own 44.6%. Upon completion of the transaction, DuPont will receive a one-time $7.3 billion special cash payment, subject to certain adjustments.

IFF和N＆B的组合为全球饮食和个人护理和健康市场的高价值成分和解决方案创造了全球领导者，估计2019年股票营收超过110亿美元，EBITDA为26亿美元，不包括协同作用。互补的投资组合将使公司的领导职位跨越关键味道，质地，气味，营养，酶，培养，大豆蛋白和益生菌类别。公司的全球范围内的全球范围和增强的能力集团将使创新解决方案创建，以应对客户需求，并增加对自然，更健康和“对您更好的”产品的消费者偏好。

“IFF和N＆B的结合是我们旅程中的关键时刻，以引领我们的行业作为客户的宝贵创新和创意伴侣。总之，我们将创建一个更广泛的功能，领先的配料和解决方案供应商，以满足客户不断变化的需求，” IFF董事长兼首席执行官，安德烈亚斯Fibig说。“随着高度的互补组合，我们将拥有全球规模和在关键的增长占据了领先位置，以利用积极的市场发展趋势，推动强劲盈利增长为我们的股东和我们的员工创造机会。我一直在用N＆B的管理团队，分享我们的文化和价值观留下深刻的印象，我们期待着欢迎他们到IFF的家人。”

“杜邦和IFF份额长期和以客户为导向的创新和卓越，这就是为什么我相信N个＆B将是文化的成功历史以及定位于增长的下一阶段。我很高兴加入合并后组织的董事会和解锁这家新公司的潜在的继续参与，”埃德·布林，杜邦公司的执行主席说。“我们进行了非常彻底的进程，导致我们IFF的选择按照关于N＆B的首选战略合作伙伴。我兴奋的新公司的未来，所有它的长期价值创造的机会。”

战略基础

这家新公司将具备理想的条件，能够为大型跨国公司和快速增长的中小型客户提供针对更自然、更健康产品的差异化解决方案。

• 一流的创新产品组合创造了与众不同的产品和引人注目的价值主张–该公司将成为消费者驱动的行业向更健康、“更适合你”产品快速发展的直接领导者。凭借领先的研发和应用程序开发能力以及扩大的客户群，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见解。

• 高附加值成分类别的领先地位-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- 股东会由一个高利润的业务受益于强劲的现金。该公司预计将产生的成本协同效应和收入增长机会诱人的顶线增长和利润率提升与更多的益处。合并后的公司将继续保持IFF当前的分红政策。

• 共享文化和愿景，执行战略资产- 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。
  

“我和我的团队很高兴能建立新的公司，并创造新的世界级领导者的机会。我们与IFF专业的知识，将最好的位置，我们能够满足客户的需求，并最终重新定义我们的行业，” N＆B总裁马蒂亚斯Heinzel说。“IFF的创新和以客户为中心的企业文化是非常类似我们的，我们期待着与他们合作，为顺利集成我们两个组织的。”

治理与管理

在2022年，7名电流IFF董事和6个杜邦公司董事任命，直到年会时将有来自各公司6名董事：交易完成后，新公司的董事会将由13名董事组成。安德烈亚斯Fibig将继续为董事会主席兼IFF任命，他也将继续担任首席执行官。该公司将在纽约总部。杜邦公司执行董事长埃德·布林，将加入合并后公司的董事会作为杜邦公司任命，将担任首席独立董事开始2021年6月1。

新公司将利用这两个组织的最优秀的人才。IFF和N＆B将形成一个一体化办公室两家公司组成的领导者。

金融福利

合并后的公司将拥有强大的财务状况，包括：

• 根据2019财年的估计结果，预计收入超过110亿美元
• 根据财政2019 Pro Forma估计结果，调整了EBITDA率〜23％的率〜23％〜26％，率与运行费率成本协同效应
• 长期预期收入增长率在5%左右
• 强劲的现金流生成支援投资级的信用状况
• 承诺IFF的历史分红政策的延续

IFF预计在第三年后收盘年底实现的运行速度的基础上约3亿$的成本协同效应。这些成本协同效益将通过卓越的采购驱动，精简开销，并提高生产效率。此外，合并后的公司的目标是为客户提供超过400万美元的运行速率收入协同效应$，这将导致超过1.75亿EBITDA为$，通过交叉销售的机会，并利用面向众多客户群的扩展功能驱动。

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。

指引

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。

电话会议详情

这两家公司将于星期一，2019 12月16日，联合电话会议，上午7:30 ET讨论公告。此次电话会议将包括幻灯片演示，并鼓励与会者通过观看网上直播的呈现在www.strongerinnovationtogether.com/investors．

也可以通过拨打：（877）830-2586（免费）或（785）424-1734（国际）并使用会议ID:121619访问会议呼叫。重播将持续约90天，可通过拨打：（800）839-4199（免费）或（402）220-2989（国际）访问。

有关IFF和N&B组合的更多信息，请访问www.strongerinnovationtogether.com．

关于IFF

在IFF（NYSE：IFF）（巴黎欧洲证券交易所：IFF）（TASE：IFF），我们使用的是少见意识，创造了世界的需求。作为非传统的思想家和创作者的集体，我们把科学性和艺术性工作，以创造产品我们的世界渴望独特且意想不到的香味，口味，经验和成分。了解更多iff.com那推特那脸谱网那Instagram,linkedin.．

关于杜邦

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.lufeng-fst.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市场驱动、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的生物技术来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。我们是创新的解决方案提供商，帮助客户将挑战转化为高价值的商业机会。有关更多信息：www.dupontritionandhealth.com或www.biosciences.dupont.com．

其他信息和在哪里能找到它

这种沟通并不打算，不构成出售要约或要约邀请出售或要约购买任何证券或批准的任何投票征集的邀约，也不得有任何证券出售任何司法管辖区中，此等要约，招揽或销售在注册或取得资格之前为非法行为在任何这种管辖权的证券法。证券没有报价不得除非满足1933年证券法第10条的规定招股说明书的方式进行，修订（以下简称“证券法”）。与营养与生物科学公司（“N＆BCO”），杜邦公司的公司（“杜邦”）和国际香料公司（“IFF”）的一个全资子公司，所提出的组合，其连接将立即跟随的N'BCO自DuPont（“建议交易”），N＆BCO，IFF，海王星合并子我公司（“合并子I”）和海王星合并子II LLC（“合并子II”）打算提出的分离文件与SEC相关材料，其中包括于S-4登记表，将包括与所提出的交易代理声明/说明书。此外，N＆BCO预计与来自杜邦其分离连接提交登记声明。投资者和证券持有者敦促读取的登记声明，代理声明/和任何其他有关的文档时它们变得可用，因为其中包含重要信息关于IFF，N BCO，兼并SUB I，MERGER SUB II和拟议交易。一个最终委托书将被发送到IFF的股东寻求拟议中的交易的批准。关于拟议中的交易（可用时）的文件可以得到免费从SEC的网站负责在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:

关于前瞻性声明的警示说明

这种通信包含“前瞻性陈述”联邦证券法，包括证券法第27A节和1934年证券交易法第21E节所指，修订（以下简称“交易法”）。在此背景下，前瞻性声明通常涉及预期未来业务及财务业绩和财务状况，而且往往包含诸如“预期”，“预计”，“打算”，“计划”，“相信”，“寻求”“看”，“会”，“会”，“靶标”，类似的表达，和变型或这些词底片。前瞻性的是，在不同程度，不确定的，如关于拟议中的交易，完成拟议中的交易，收益和拟议中的交易的协同效应，未来的机会为合并后的公司预期时间表陈述其性质地址事项发言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

这种沟通不是来自任何投资者或证券持有人代理的邀请。不过，杜邦公司，IFF和某些各自的董事和高管可以视为参与者在代理的下SEC的规则与拟议的交易要约。关于董事和杜邦公司的执行官员的信息可在其年度报告中找到的Form 10-K提交给美国证券交易委员会于2019年2月11，它的最终委托书提交给SEC的5月1日，2019年有关董事信息和IFF的主管人员可以与美国证券交易委员会于3月18日提交了最终代理声明可以发现，2019年关于委托书征集的参加者和他们的直接和间接利益的描述，通过持有证券或其他其他资料，将载在注册说明书，招股说明书，委托书和其他相关材料向SEC提交时，他们变得可用。

[1] 调整后的每股收益以预估为基础，是非公认会计原则的衡量标准。请参阅杜邦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对账，可在我们网站的投资者部分找到。