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Archer-Daniels-Midland (NYSE:ADM) recently evaluated a possible acquisition of International Flavors & Fragrances Inc.’s (NYSE:IFF) food and beverage business.
ADM has been looking at potential purchases, including IFF’s Nourish division, in the past few months, according to a Bloomberg report Tuesday, which cited people familiar with the matter. It’s not clear if there are currently talks between the two firms.
IFF is looking to shed some businesses as it tries to improve the company, with its shares down 30% this year. Bloomberg reported last month that IFF was working with an adviser to evaluate the potential sale of its pharma solutions unit. The unit could see more than $3.5 billion in a sale.
IFF may be trying to jettison the Nourish unit it acquired when it purchased Dupont’s (DD) nutrition and biosciences business for $26 billion in 2021.