Ingredion Agrees to Acquire Tate & Lyle for $3.6 Billion, Ending London Stock Exchange Listing
US ingredients company Ingredion has agreed to acquire UK-listed Tate & Lyle for £2.7 billion ($3.6 billion), valuing shares at 615p — roughly 60% above pre-announcement levels. Tate & Lyle, which traces its roots to the late 1800s and has been listed on the London Stock Exchange since 1938, makes products including the artificial sweetener Splenda. The deal raises concerns about potential job losses and marks another high-profile departure from London's struggling stock market.
Chicago-based Ingredion Inc. has struck a deal to acquire FTSE 250-listed Tate & Lyle Plc for £2.7 billion, with the combined group expected to generate annual revenues of approximately $9.9 billion and adjusted profits of $1.8 billion. Ingredion CEO James Zallie described the acquisition as creating an ingredients 'powerhouse' and called the premium paid 'fair.' The deal will end Tate & Lyle's listing on the London Stock Exchange, where it has traded since 1938, adding to a series of high-profile exits that have weighed on the UK market in recent years. The companies warned the transaction could result in a 'material reduction' in workforce of around 3%, equating to approximately 475 jobs across the combined group of roughly 16,000 employees. Tate & Lyle has faced a difficult period, with its share price losing more than half its value over five years amid weak consumer demand, even as GLP-1 weight-loss drugs have drawn attention to the food ingredients sector. The company had previously pivoted away from sugar — selling its sugar business in 2010 — and more recently acquired speciality ingredients maker CP Kelco for $1.8 billion in 2024. Tate & Lyle's history dates to the late 1800s, when sugar refiners Henry Tate and Abram Lyle founded separate operations that merged in 1921.
What's missing
The articles do not detail the regulatory approval process or which jurisdictions must sign off on the deal, nor do they specify a timeline for completion. The terms of any financing for Ingredion's acquisition are also not disclosed.
How coverage differed
Bloomberg focused on the strategic rationale and CEO commentary, framing the deal positively as creating an industry 'powerhouse.' The Guardian emphasized the deal's potential human costs — job losses affecting up to 475 workers — and placed it firmly within the broader narrative of London's stock market decline, describing it as 'yet another loss' for the exchange.
What different sources said
- BloombergCenter
Ingredion CEO Says Tate & Lyle Deal Creates Powerhouse
- The Guardian USLeft
Tate & Lyle agrees £2.7bn takeover by US rival in new blow to London market
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