One of the most famous names in British business is set to fall into foreign hands after backing a £2.7billion takeover bid.
Tate & Lyle, which dates back to the Victorian era and was an original member of the FT 30 index in 1935 and FTSE 100 in 1984, accepted a 615p per share offer from US rival Ingredion.
The companies warned the deal could lead to a ‘material reduction’ in jobs with 3 per cent of the 16,000 workforce at risk – some 480 roles.
It will see the company – once known for its sugar cubes and golden syrup – join the exodus from the London stock market amid a frenzy of takeovers.
Major deals include the potential takeover of laboratory testing group Intertek by Swedish private equity suitor EQT for £10.6billion, while wealth management firm Schroders has backed a £9.9billion takeover by US rival Nuveen, and Zurich Insurance has agreed to buy Lloyd’s of London underwriter Beazley for £8.1billion.
