TATE & LYLE : Ingredion / Tate acquisition call: A more global, scaled solutions platform

Research evidence excerpt

TATE & LYLE : Ingredion / Tate acquisition call: A more global, scaled solutions platform

EQUITIES

CONSUMER INGREDIENTS

TATE & LYLE OUTPERFORMPRICE* 491p  TARGET PRICE 595p (UPSIDE 21%)

TATE & LYLE ADR OUTPERFORMPRICE* USD26.5  TARGET PRICE USD31.7 (UPSIDE 20%)

FLASH NOTE

Ingredion / Tate acquisition call: A more global, scaled solutions platform

8 JUNE 2026 Securities Research Report Production time: 14:33* (London time)

Research Analyst & Publishing Entities

Joan Lim BNP Paribas London Branch +(44) 207 039 9410 joan.lim@uk.bnpparibas.com

BNPP View:

While there was limited incremental detail on regulatory approvals (too early to speculate on outcomes), Ingredion is

committed to engaging constructively with regulators and will stay focused on completing the transaction. Importantly,

Ingredion has had the opportunity to do initial due diligence on Tate and believes that they can accelerate the

transformation to becoming more specialty, with >50% of sales coming from high value, downstream ingredients in the

combined company. Points of color below.

What’s really important from the call

– Strategic rationale of the deal: Ingredion emphasized that the strategic rationale of the deal is not driven by product or

customer overlap, but combining both companies’ complementary portfolios, technical expertise and geographic supply

networks that expands Ingredion’s ability to address customer needs across a broader range of end use categories and

applications.

– Regulatory approvals: Still too early to speculate on outcomes, Ingredion are committed to engaging constructively with

regulators and will stay focused on completing the transaction.

– Cost synergies: Run-rate annual cost synergies of USD130m by 2030. 40% will be driven by COGS through optimising