Tate & Lyle agrees £2.7bn takeover by US rival in new blow to London market

Venerable but struggling UK firm backs deal with Chicago-based Ingredion putting nearly 500 jobs worldwide at risk Tate & Lyle has agreed to a £2.7bn takeover by its US rival Ingredion, in a deal that could put hundreds of jobs at risk and represents yet another loss for London’s struggling stock market. The FTSE 250 business, which makes artificial sweeteners such as Splenda, has agreed to a deal that values it at 615p a share, about 60% above its price before news of a possible takeover emerged. However, the companies said the deal could trigger a “material reduction” in Tate & Lyle’s workforce, representing 3%, or about 475 jobs, of the new group’s headcount. “Any such workforce reduction would be implemented with the aim of combining the strengths and capabilities of both businesses,” they said in a joint statement. Tate & Lyle, which is one of the oldest listed companies in the UK, employs just under 5,000 people around the world. About 200 employees are in the UK, most of whom operate from its headquarters in London. Ingredion, which is headquartered in Chicago, Illinois, employs about 11,000 people worldwide. The takeover comes at a low point for Tate & Lyleâ€