TATE & LYLE : Feedback from our expert access event on the Ingredion/Tate deal

研报英文原文证据摘录

TATE & LYLE : Feedback from our expert access event on the Ingredion/Tate deal

EQUITIES

CONSUMER INGREDIENTS

TATE & LYLE OUTPERFORMPRICE* 522p  TARGET PRICE 497p (DOWNSIDE 5%)

TATE & LYLE ADR OUTPERFORMPRICE* USD28.8  TARGET PRICE USD26.5 (DOWNSIDE 8%)

FLASH NOTE

Feedback from our expert access event on the Ingredion/Tate deal

21 MAY 2026 Securities Research Report Production time: 20:13* (London time)

Research Analyst & Publishing Entities

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

We hosted an expert access event with a former employee of Tate & Lyle with ~18 years of experience at the company.

The event focused on the potential synergies and anti-trust implications for the Ingredion/Tate deal. For further detail

on the announced bid and investor feedback, please see here and here.

BNPP View:

Overall investors found the call insightful and there are significant synergies that can be achieved from the deal with

limited risk of sales cannibalisation. However investors came away from the call feeling a little more nervous about the

anti-trust implications given the significant overlaps in the modified starches market (the combined company could

be >50% of the market) and the uncertainty over whether either company would be willing to give up parts of their

modified starch business.

Nonetheless, we caveat that the expert was an industry expert and not an anti-trust expert, and think that Ingredion

wouldn’t have made the conditional offer without having done the due diligence into the potential anti-trust

considerations.

We summarise the key points of the call below.

– Market overlaps / anti-trust: The biggest area of overlap will be in modified starches, particularly in North

America and Europe.