Exclusive: Hedge fund Sachem Head targets International Flavors - sources

Source : 112 Ukraine

Sachem Head wants IFF to take action to improve its financial performance and integrate the new unit
22:44, 10 February 2021

Scott Ferguson

Sachem Head Capital Management LP has acquired an approximately $ 1 billion stake in International Flavors & Fragrances Inc and appointed four directors to the chemical company's board of directors, according to sources familiar with the matter. It was reported by Reuters.

Earlier this month, IFF completed a $26.2 billion merger with DuPont’s nutrition unit, creating a food ingredients and consumer goods materials giant.

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IFF’s stock price rose as much as 9% in early trading on Wednesday and changed hands at $135.16, up 5.6%, as the broader market fell slightly.

Sachem Head, headed by hedge fund veteran Scott Ferguson, wants IFF to take action to improve its financial performance and integrate the new unit smoothly, the sources said, requesting anonymity because the matter is confidential. IFF did not comment.

Shares of IFF, which has a market capitalization of $33 billion, have lagged its competitors. In the last 52 weeks, the New York-based company’s share price has dropped 8.61%, while rival Givaudan has gained 10.31%.

The DuPont deal comes after the company agreed to acquire Frutarom in 2018 for $7.1 billion. In 2019, as IFF integrated the company, it alerted the U.S. government to potential bribes Frutarom made in Russia and Ukraine

As we reported earlier, Ukrainians became the largest investors in Polish real estate among foreigners.

In 2019, foreigners bought 8 500 apartments in Poland. Among them, 3 200 apartments were bought by Ukrainian citizens, which is 37.6% of the total.

Experts note that Ukrainians most often buy apartments in Poland to meet their housing needs, while Western Europeans, such as Germans, see it as an investment.

Related: Migrant workers transferred to Ukraine three times more money than investors, - PM's advisor

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