Tate & Lyle PLC

Ingredion reaffirmed its full-year 2026 adjusted earnings per share guidance of $10.30 to $10.90, reflecting the sale of its majority stake in the Pakistan business. The company reported second-quarter net sales of $1.85 billion, up 1% from the prior year, with Texture & Healthful Solutions volume growth accelerating to 7%. Ingredion also announced that Tate & Lyle shareholders approved its all-cash offer, and the transaction is expected to deliver $130 million of run-rate synergies by 2030 and greater than 15% adjusted EPS accretion in the first full calendar year post-acquisition. Adjusted operating income for the quarter was $258 million, while cash from operations for the full year is now anticipated to be between $700 million and $800 million. Capital expenditures are expected to range from $450 million to $490 million, with additional spend allocated to the Argo facility.

Millennium International Management LP has disclosed a 3.437% interest in Tate & Lyle plc through cash-settled derivatives, according to a regulatory filing dated June 24, 2026. The position, held as of June 23, 2026, comprises 15,311,759 reference securities in the 29 1/6p ordinary shares, with no relevant securities owned directly. The filing details multiple equity swap transactions on June 23, including closing a short position of 1,974,492 shares at 5.54 GBP and opening or increasing long positions totaling 1,679,456 shares at prices of 5.54 and 5.55 GBP. No stock-settled derivatives or other arrangements were reported.

Jim Cramer highlighted Ingredion on Mad Money, arguing the market is overlooking its $3.6 billion cash acquisition of British ingredients company Tate & Lyle. He noted that Ingredion, which makes flavors and textures for the food and beverage industries, has a market capitalization of only $6.2 billion, making this a transformative deal that will create a powerhouse in the ingredients space. Cramer pointed out that the stock is down 10% for the year, partly due to an imperfect quarter in early May, but he believes the merger will make Ingredion the most important company in its industry.