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DSM-Firmenich has launched the sale of up to 6.7 million existing ordinary shares through an accelerated bookbuild offering of shares (Share Placement). The news follows the completion of the merger between DSM and Firmenich at the start of the month. The company has also raised total proceeds of €733 million following the sale of its ordinary shares to institutional investors, representing approximately 2.5% of DSM-Firmenich's share capital, at a price of €109.50 per share. The book was multiple times oversubscribed, indicating that investors were eager to buy the company’s shares. According to a statement, DSM-Firmenich intends to use the net proceeds of the Share Placement to "fund the cash consideration payable by the company in relation to the buy-out procedure in accordance with Dutch law that the company commenced in order to acquire the DSM ordinary shares that have not been tendered in the voluntary public exchange offer launched by the company for all the issued and outstanding DSM ordinary shares”. Closing and settlement of the Share Placement is expected to occur on 29 May 2023.