Tate & Lyle accepts to £2.7bn takeover from US rival Ingredion

TL;DR

Tate & Lyle shares surge 12% on £2.7 bln cash takeover by Ingredion Tate & Lyle: From sugar barons in London’s East End to US takeover Tate & Lyle has agreed to a £2.7bn takeover by its US rival Ingredion, in a deal that could put hundreds of jobs at risk and represents yet another loss for London’s struggling stock market. The FTSE 250 business, which makes artificial sweeteners such as Splenda, has agreed to a deal that values it at 615p per share, about 60% above its price before news of a possible takeover emerged. However, the companies said the deal could trigger a “material reduction” in Tate & Lyle’s workforce, representing 3%, or about 475 jobs, of the new group’s headcount.