IFF, one of the two largest producers of flavor in the world will delist its shares from the T.A stock exchange

IFF, one of the two largest producers of flavor and fragrance extracts in the world, has announced its intention to delist its shares from the stock exchange within three months. The shares currently traded on the Tel Aviv Stock Exchange will continue to be traded on the New York Stock Exchange.
IFF, which constitutes 2.66% of the Tel Aviv 35 Index, is traded at a market value of NIS 40 billion, and is the second largest company in terms of market value after NICE (-0.44% 78350), which is traded at NIS 49 billion, and before Teva (NIS 34 billion) , Bank Hapoalim (NIS 26 billion) and Bank Leumi (NIS 23 billion).
IFF is not one of the listed companies on the stock exchange. The average daily trading in the share in the last year amounted to NIS 13 million, 22nd place in the list of tradable shares in the index, out of the 35 shares in the Tel Aviv 35 index. In the last 90 trading days, trading fell to NIS 9 million and dropped to 25th place in the list. The stocks are traded in the index.In this sense, and in other respects like its modest analytical coverage, it is not a big loss.
The TASE announced following APP's announcement that it would lower the share's share price to 1.5% on November 5, and deduct it from the indices on December 3, 2020. AIPAP began trading on the Tel Aviv Stock Exchange in October 2018 following the acquisition of the company. Frutarom announced in May 2018.
IFF acquired Frutarom for $ 6.4 billion in cash and shares, paying $ 71.19 in cash and 0.249 APP shares for each Frutarom share. The relationship between APP and Uri Yehudai, CEO of Frutarom, went awry not long after the acquisition, when in August 2019 suspicion of corruption was revealed in which bribes were allegedly paid to distributors in Russia and Ukraine.
IFF's abandonment is similar to a similar move made by Mylan, which went public in November 2015 as part of its futile attempt to acquire Perrigo, which failed 9 days later. Mylan continued to trade until November 2017. Another candidate to be delisted is Perrigo, which has been traded on the stock exchange since March 2005 following the acquisition of Agis and following an undertaking given to former controlling shareholder Murray Arkin.