PARIS – The merger of DSM and Firmenich is moving ahead.

The Dutch science-based health and nutrition concern and the Swiss fragrance and flavors supplier said jointly Tuesday morning that the Dutch Authority for Financial Markets, or AFM, has approved the offering circular related to their deal.

As announced on May 31, the 2 groups said they’d merge to turn out to be the biggest fragrance, beauty, wellbeing and nutrition supplier on the planet, with revenues of greater than 11 billion euros.

The brand new group combining DSM and Firmenich, which is the biggest privately owned fragrance and flavors supplier and amongst the most important globally, is to be called DSM-Firmenich.

The acceptance period starts at 9 a.m. CET on Nov. 23 and expires at 5:40 p.m. CET on Jan. 31, 2023, unless prolonged.

The merger might be made through a public offer for DSM shares in exchange for DSM-Firmenich shares, with a one-to-one ratio, plus a contribution of Firmenich shares to DSM-Firmenich in exchange for DSM-Firmenich shares and three.5 billion euros in money.

DSM shareholders will own 65.5 percent of the corporate, and Firmenich stakeholders the rest at DSM-Firmenich’s inception.

The deal is predicted to shut in the primary quarter of 2023.

“This merger is a transformational moment for the history of each businesses. DSM-Firmenich might be a global-scale partner, uniquely positioned to anticipate and higher address the evolving needs of consumers by unlocking opportunities for our customers, and our people,” Gilbert Ghostine, chief executive officer of Firmenich, said in an announcement.

“Our two firms have an unrelenting commitment to their role in society with ESG on the core of every part we do, and I firmly imagine that DSM-Firmenich could have a positive and measurable impact on people, climate and nature,” he added.

The businesses said their merged entity might be well-positioned to speed up growth by addressing changes in consumer preferences and desires, driven by trends corresponding to climate change, accessible nutrition, inequalities, and hygiene and sanitation.

“These shifts drive consumer preferences for health and sustainability advantages whilst having fun with superior experiences in areas corresponding to taste and fragrance,” they said within the statement. “As a market leader with enhanced creation and application capabilities, DSM-Firmenich will give you the option to serve each global and native customers, informed by local consumer preferences, across regional and native hubs around the globe. Opportunities from recent pioneering and complementary digitally powered business models will construct upon the 125-plus yr heritages of every DSM and Firmenich in purpose-led scientific discovery and innovation.”

In a separate release on Tuesday, Firmenich published its first-quarter results. Within the three months ended Sept. 30, the group generated sales of 1.25 billion Swiss francs, or $1.3 billion, up 8.8 percent in reported terms and a 11.6 percent rise on a constant-currency basis versus the identical prior-year period.

Firmenich posted adjusted earnings before interest, taxes, depreciation and amortization of 237 million Swiss francs, despite a negative currency exchange rate effect.

The corporate said that within the period, it continued experiencing strong end-market demand across geographies, customers and segments.