May 7, 2018 / 6:06 AM / 14 days ago

BRIEF-International Flavors & Fragrances to buy Frutarom for about $7.1 bln

May 7 (Reuters) - Frutarom Industries Ltd:

* PRESS RELEASE - IFF TO COMBINE WITH FRUTAROM TO CREATE A GLOBAL LEADER IN TASTE, SCENT AND NUTRITION

* DEFINITIVE AGREEMENT UNDER WHICH IFF WILL ACQUIRE FRUTAROM IN A CASH AND STOCK TRANSACTION VALUED AT APPROXIMATELY $7.1 BILLION

* EXPECTED TO REALIZE APPROXIMATELY $145 MILLION IN RUN-RATE COST SYNERGIES BY THIRD FULL YEAR

* TRANSACTION INCLUDES ASSUMPTION OF FRUTAROM’S NET DEBT

* FRUTAROM INDUSTRIES- FRUTAROM SHAREHOLDER REPRESENTING 36% OF SHARES OUTSTANDING HAS ENTERED INTO AN AGREEMENT TO VOTE IN FAVOR OF THE TRANSACTION

* FRUTAROM’S SHAREHOLDERS WILL RECEIVE FOR EACH FRUTAROM SHARE $71.19 IN CASH AND 0.249 OF A SHARE OF IFF COMMON STOCK

* IFF EXPECTS TO MAINTAIN ITS QUARTERLY DIVIDEND CONSISTENT WITH PRIOR GUIDANCE

* FRUTAROM INDUSTRIES - FRUTAROM SHAREHOLDER REPRESENTING 36% OF SHARES OUTSTANDING HAS ENTERED INTO AN AGREEMENT TO VOTE IN FAVOR OF TRANSACTION

* TRANSACTION IS EXPECTED TO BE NEUTRAL TO ADJUSTED CASH EARNINGS PER SHARE IN FIRST FULL YEAR FOR IFF

* FRUTAROM INDUSTRIES - ORI YEHUDAI, PRESIDENT AND CEO OF CO, WILL SERVE AS STRATEGIC ADVISOR SUPPORTING ANDREAS FIBIG, CHIEF EXECUTIVE OFFICER OF IFF

* FRUTAROM INDUSTRIES- IFF TO FINANCE CASH PORTION OF DEAL THROUGH COMBINATION OF EXISTING CASH ON HAND, NEW DEBT RAISED AND ABOUT $2.2 BILLION IN NEW EQUITY Source text for Eikon: Further company coverage:

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