Firmenich and DSM have launched an exchange offer as part of their merger process, which was first announced in May.

The companies said that the acceptance period began today, 23 November, and will run until 31 January 2023 unless it is extended.

Firmenich shareholders have already approved the transactions, while the DSM board has recommended its shareholders accept the offer.

Geraldine Matchett and Dimitri de Vreeze, co-CEOs of DSM, 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”.

They added: “DSM-Firmenich is set to become the leading creation and innovation partner in nutrition, beauty and well-being, 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”.

Gilbert Ghostine, CEO of Firmenich, added: “This merger is a transformational moment for the history of both businesses. DSM-Firmenich will be a global-scale partner, uniquely positioned to anticipate and better address the evolving needs of consumers by unlocking opportunities for our customers and our people.”

He continued: “Our two companies have an unrelenting commitment to their role in society with ESG at the core of everything we do and I firmly believe that DSM-Firmenich will have a positive and measurable impact on people, climate and nature.” 

Completion of the transaction is expected in Q1 2023.