Business Wire

IFF Announces Voluntary Delisting From Euronext Paris

Share

Regulatory News:

International Flavors and Fragrances (“IFF”) (NYSE: IFF) (Euronext Paris: IFF) (TASE: IFF) announced today that following a comprehensive review of the trading volume, costs and administrative requirements related to its listing on Euronext Paris, it has decided to request the voluntary delisting of its shares (the “IFF Shares”) (ISIN US4595061015) from Euronext Paris. The Board of Euronext has approved this request.

Following the delisting from Euronext Paris, the IFF Shares will remain listed on the New York Stock Exchange (the “NYSE”), IFF’s primary listing exchange.

A voluntary sales facility procedure on the NYSE will be implemented by IFF for the benefit of its shareholders holding their IFF Shares through Euroclear France (the “Euronext Shareholders”), in accordance with Euronext rules (the “Sales Facility”). Accordingly, the Euronext Shareholders will have the following options:

  • decide not to participate in the voluntary sales facility and keep their IFF Shares, which they will be able to trade on Euronext Paris through and including the trading day prior to the delisting date, and thereafter, only on the NYSE; or
  • participate in the voluntary sales facility described below and sell all or part of their IFF Shares on the NYSE.

Euronext Shareholders not participating

Euronext Shareholders who do not wish to sell their IFF Shares pursuant to the Sales Facility, or otherwise have taken no action to tender their IFF Shares in the Sales Facility may only trade their IFF Shares on the NYSE following the delisting date. Any such holding and/or trade will be subject to the terms applied by their financial intermediary who will take the necessary steps to move their IFF Shares from Euroclear France to the relevant alternative central system for depositary.

Participating Euronext Shareholders

Euronext Shareholders who wish to sell their IFF Shares on the NYSE pursuant to the Sales Facility must request their financial intermediaries to deliver their IFF Shares from 24th November, 2020 to 8th December, 2020 included, to BNP Paribas Securities Services, acting as centralizing agent, pursuant to the procedure described in the applicable Euronext notice expected to be published on 20th November, 2020.

The IFF Shares delivered to BNP Paribas Securities Services will be sold on the NYSE starting on Monday,14th December 2020, by a broker, at market prices prevailing at the time of the sale.

BNP Paribas Securities Services will calculate the average sale price of the IFF Shares and will be in charge of transferring the sale proceeds to the participating Euronext Shareholders, calculated on the basis of the average sale price of the IFF Shares and converted into euros.

IFF will pay the fees for the centralization and the brokerage fee related to the sale on the NYSE of the IFF Shares delivered to BNP Paribas Securities Services and sold pursuant to the Sales Facility.

Euronext Shareholders are reminded that they may tender their IFF Shares in the Sales Facility on a voluntary basis.

No assurance can be given by IFF or BNP Paribas Securities Services as to the price at which the IFF Shares will actually be sold on the NYSE, the actual average sale price or the applicable currency exchange rate. This process is being implemented solely as an option to Euronext Shareholders and participation is not mandatory. Individual investors may thus determine not to participate in this process or may decide not to take any action in which case no assurance may be given as to the terms that will be applied by their financial intermediary in connection with or after the delisting. Individual investors are invited to consult their own investment advisors before making a decision to participate or not in this process.

The timetable of the Sales Facility and the delisting described above may be summarized as follows (it being specified that IFF reserves the right to amend this timetable):

Sales Facility

Beginning of the Sales Facility

 

Tuesday 24th November 2020

(Tender period of 10 trading days)

End of the Sales Facility

Tuesday 8th December 2020

End of the centralization by BNP Paribas Securities Services

Friday 11th December 2020

Sales on the New York Stock Exchange of the IFF Shares tendered in the Sales Facility

Starting on Monday 14th December 2020

Proceeds of sale in USD converted into Euros

Upon receipt of the funds by the bank

Proceeds of sale distributed to the beneficiaries (i.e., holders of IFF Shares having participated in the Sales Facility)

Upon receipt of the funds by the bank

Delisting

Last day of trading of IFF Shares on Euronext Paris

Thursday 17th December 2020

Delisting of IFF Shares from Euronext Paris

Friday 18th December 2020

Euronext Shareholders participating in the Sales Facility acknowledge and agree to assume the risks associated with changes in the market price of IFF Shares and currency exchange rates that may occur between the time IFF Shares are delivered to BNP Paribas Securities Services and the sale of such IFF Shares on the NYSE as well as the date of conversion of the price into euros. All tender instruction of IFF Shares under the Sales Facility are irrevocable.

IFF Shares will be delisted from Euronext Paris on 18th December, 2020. IFF Shares will continue to be listed on the NYSE under the symbol “IFF”.

Shareholders are invited to contact their financial intermediaries for any additional information.

Welcome to IFF

At IFF (NYSE:IFF) (Euronext Paris: IFF) (TASE: IFF), we’re using Uncommon Sense to create what the world needs. As a collective of unconventional thinkers and creators, we put science and artistry to work to create unique and unexpected scents, tastes, experiences and ingredients for the products our world craves. Learn more at iff.com, Twitter , Facebook, Instagram, and LinkedIn.

Important Information

This press release is for information purposes only and does not constitute or form part of any advertisement, offer, solicitation or an invitation to make offers, sell, exchange or transfer, or any solicitation of any offer to subscribe for or purchase, or advertisement of, any securities, nor shall it (or any part of it) form the basis of any investment decision, contract or commitment whatsoever, and is provided for information only. The distribution of this press release may be restricted by law in certain jurisdictions, and persons into whose possession this press release or other information referred to herein come should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the laws of any such jurisdiction.

Contact information

Contact:
Michael DeVeau
Head of Investor Relations and Communications
212.708.7164
Michael.DeVeau@iff.com

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Janssen Submits Marketing Authorisation Extension to the European Medicines Agency to Register Paliperidone Palmitate 6-Monthly (PP6M) for Treatment of Schizophrenia in Adults4.12.2020 12:01:00 EETPress release

The Janssen Pharmaceutical Companies of Johnson & Johnson submitted a Marketing Authorisation Extension Application to the European Medicines Agency (EMA) to register paliperidone palmitate 6-monthly (PP6M) for the maintenance treatment of schizophrenia in adult patients who are clinically stable on paliperidone palmitate 1‑monthly (PP1M)1 or 3-monthly (PP3M)2 injectable products. If approved, this long‑acting injectable will provide adults living with schizophrenia a twice-yearly dosing regimen, the longest dosing interval available for an antipsychotic medication in the European Economic Area.3 “Janssen’s roots in neuroscience began with research and development of novel therapeutic options for schizophrenia, and this filing builds on that 60-year commitment,” said Bill Martin, Global Therapeutic Area Head, Neuroscience, Janssen Research & Development, LLC. “We designed this unique dosing regimen so people with schizophrenia and their healthcare team can focus less on medication inte

Patrice Bula to be appointed as new Chairman of Froneri4.12.2020 11:30:00 EETPress release

After more than 4 years as Chairman of Froneri, Luis Cantarell has expressed his desire to step down at the end of December 2020. Luis’s strategic vision, in-depth knowledge of the Ice Cream business as well as his energizing and inspirational leadership were decisive factors in the forming and ensuing success of Froneri, a joint-venture partnership between Nestlé and PAI Partners created in September 2016. Under Luis’s leadership, Froneri has achieved rapid sales and profit growth, steadily gaining market shares. With presence in 23 markets, a portfolio of iconic brands and an exceptional management team, Froneri is now well-placed to achieve global leadership in the Ice Cream category. To replace Luis, we are pleased to announce the nomination of Patrice Bula, currently Executive Vice President at Nestlé and a Supervisory Board Member of Froneri, and this since its creation. With a rich career spanning more than 40 years with Nestlé SA, of which the last 10 as Executive Vice Presiden

Xlife Sciences AG: Successful Capital Raising of Six Million Swiss Francs4.12.2020 11:00:00 EETPress release

Capital increase of Xlife Sciences AG Successful capital raising of six million Swiss francs Xlife Sciences AG has successfully closed its capital increase and raised a total of 6.02 million Swiss Francs of new capital as of December 3, 2020. The placement was oversubscribed at the end of the subscription period. The management of the company sees the strong demand as a confirmation for its business model. The capital will be used almost exclusively for existing and new projects. In the capital round completed on December 3, 2020, existing and new investors subscribed for shares with a total value of CHF 6.02 million. For Oliver R. Baumann, CEO of Xlife Sciences AG, the high demand of investors is a confirmation of the successful business model. "The strong interest of investors shows that our company, with its strategy of holding and developing a broad portfolio of early-stage life science projects is an attractive investment even in challenging times such as the corona crisis". Inves

Rand Technology Appoints Key Executives Across Global Regions4.12.2020 02:30:00 EETPress release

Rand Technology (Rand) has appointed Kim Fix, Chief Operating Officer (COO), Americas & Europe; Frederick Fu, President and Managing Director, Asia-Pacific (APAC); Nami Mokri, Vice President, Sales & Sourcing, APAC; Kevin Sheehan, Chief Information Officer (CIO); and Jennifer Strawn, Director, Sourcing & Procurement, Americas & Europe. Kim Fix, Global Vice President, QA & Operations, has been appointed to COO, Americas & Europe. Kim will lead Rand’s sales and sourcing teams’ operations across the Americas and Europe and oversee global compliance, quality assurance, and operations. Kim has been integral to Rand’s preferred status with its business partners and multi-site ISO, OHSAS, ANSI ESD, and R2 certifications. Frederick Fu joined Rand as President and Managing Director, APAC. He previously served as Avnet’s President of APAC. He has been fundamental to Rand’s efficacy, growth, strategy, and success in the APAC region. Nami Mokri was appointed Vice President, Sales & Sourcing, APAC.

Kalray Joins MLCommons as Founding Member3.12.2020 20:30:00 EETPress release

Kalray (Euronext Growth Paris: FR0010722819 – ALKAL) (Paris:ALKAL), a pioneer in processors for new intelligent systems, today announced it has joined MLCommons as founding member. MLCommons is a not for profit, engineering consortium founded by 30+ global technology and academic leaders in AI and Machine Learning to accelerate machine learning innovation and broaden access to this critical technology for the public good. Initially formed as MLPerf, MLCommons boasts a founding board that includes representatives from Alibaba, Facebook AI, Google, Intel, NVIDIA and Professor Vijay Janapa Reddi of Harvard University with the objective to deliver industry-wide benchmarks, best practices and datasets to speed computer vision, natural language processing, and speech recognition development for all. “MLCommons has a clear mission - accelerate Machine Learning innovation to ‘raise all boats’ and increase its positive impact on society” said Peter Mattson, President of MLCommons. “We are excit

Hyperloop Transportation Technologies Accelerates with 100 Engineers from World Leading Firm Altran3.12.2020 19:40:00 EETPress release

Hyperloop Transportation Technologies (HyperloopTT) announced today an agreement with world-leading engineering and R&D services provider Altran, part of the Capgemini Group. The agreement includes one hundred Altran engineers to accelerate the development of commercialized passenger hyperloop systems at the HyperloopTT facility in Toulouse, France, the Aerospace Valley of Europe. HyperloopTT’s European R&D Center is the home of the world’s only full-scale hyperloop system, which has been undergoing testing and optimization since 2019. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201203005174/en/ HyperloopTT's full-scale test system in Toulouse, France (Photo: Business Wire) The agreement advances HyperloopTT’s capabilities in a lean way, negotiated within HyperloopTT’s hybrid collaborative framework. The announcement comes after recent commitments from both the European Union and the United States, emphasizing the develop

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom