US ingredients manufacturer Ingredion intends to acquire its British rival Tate & Lyle. With a proposed purchase price of US$3.7 billion, the merger would create a global ingredients group with a combined market value of around US$10.4 billion. The news caused Tate & Lyle’s share price to rise immediately by 45% – a clear indication of the market’s surprise and the attractiveness of the offer.

Ingredion intends to submit a binding offer by 11 June 2026. In 2024, the company established a global ‘Texture & Healthful Solutions’ segment worth US$2.4 billion and is investing heavily in categories where texture is a key purchasing decision factor – including dairy, snacks, bakery, savoury and beverages.

Tate & Lyle, for its part, has evolved in recent years from a traditional sugar company into a provider of sugar reduction technologies, specialised dietary fibres, texturing solutions and plant-based proteins.