U.S. markets close in 1 hour 35 minutes
  • S&P 500

    4,162.65
    -22.82 (-0.55%)
     
  • Dow 30

    34,066.75
    -133.92 (-0.39%)
     
  • Nasdaq

    13,909.70
    -142.65 (-1.02%)
     
  • Russell 2000

    2,228.96
    -33.71 (-1.49%)
     
  • Crude Oil

    63.45
    +0.32 (+0.51%)
     
  • Gold

    1,770.40
    -9.80 (-0.55%)
     
  • Silver

    25.84
    -0.26 (-1.02%)
     
  • EUR/USD

    1.2038
    +0.0058 (+0.48%)
     
  • 10-Yr Bond

    1.6010
    +0.0280 (+1.78%)
     
  • GBP/USD

    1.3990
    +0.0150 (+1.08%)
     
  • USD/JPY

    108.1210
    -0.6620 (-0.61%)
     
  • BTC-USD

    55,637.74
    +423.08 (+0.77%)
     
  • CMC Crypto 200

    1,259.01
    -39.94 (-3.08%)
     
  • FTSE 100

    7,000.08
    -19.45 (-0.28%)
     
  • Nikkei 225

    29,685.37
    +2.00 (+0.01%)
     

IFF offers board seat to activist Sachem Head's Ferguson

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
  • Oops!
    Something went wrong.
    Please try again later.

March 8 (Reuters) - International Flavors & Fragrances Inc said on Monday it has offered Sachem Head Capital Management's Scott Ferguson a seat on the chemical company's board, potentially staving off a broader activist push.

The hedge fund amassed a roughly $1 billion stake in IFF and had nominated four directors to its board, Reuters reported in February, after IFF completed a $26.2 billion merger with DuPont's nutrition unit.

As part of the deal, IFF said Sachem Head had agreed, at least temporarily, not to take on an activist role in terms of influencing shareholders. The hedge fund also agreed not to acquire more than 4.99% of the company's outstanding shares.

Ferguson, managing partner at Sachem Head, will have the option to join IFF's board between Sept. 10 and Dec. 31, the company said. (Reporting by Uday Sampath in Bengaluru; Editing by Shailesh Kuber)