Analysis

摘要

Five M&A transactions were announced during the week ended 7 May, up from four during the week prior. Year-to-date, activity has held steady from 2017 levels-volumes are down a bit, but values are up a bit. The week's most notable deal was IFF's acquisition of rival favors and fragrances maker Frutarom. At $7.1 billion, the deal is the second- largest chemicals transaction announced so far in 2018. It takes large- scale consolidation to the favors and fragrances sector, which has seen a number of smaller transactions, typically bolt-ons by large players, including IFF and Frutarom. The latter company was the industry's most acquisitive by one metric in 2017, having announced 11 acquisi- tions last year. As of last year, the top fve producers in favors and fragrances had about 50% market share, so further consolidation could be in the ofng.