Since the news broke in May 2022 that DSM and Firmenich were set to merge, the F&F industry has been curious to know—what's next?
In late November 2022, AFM approved the offering circular, enabling the company to formally launch the exchange offer as part of the merger of equals between DSM and Firmenich to create DSM-Firmenich, outlining key takeaways and transaction highlights.
As of February 22, 2023, DSM and Firmenich jointly announced that they have obtained unconditional competition clearance from the European Commission. This follows the unconditional competition clearance of China’s State Administration for Market Regulation (SAMR) received on February 16, 2023. According to the companies, competition clearance has been obtained in nine out of the ten jurisdictions required to satisfy the offer condition relating to competition clearances.
The last competition clearance that is pending is the Indian competition clearance. DSM and Firmenich are continuing to work constructively with the Competition Commission of India (CCI). The companies are set to make a public announcement once the Indian competition clearance has been obtained. The acceptance period will be extended until two weeks after that announcement, but no later than 17:40 hours CET on April 11, 2023.