THE WHAT? International Flavors & Fragrances is said to be mulling the sale of its Lucas Meyer Cosmetics unit, according to a report published by Bloomberg quoting ‘people with knowledge of the matter’. The cosmetics ingredients division is said to be valued at approximately US$1 billion.

THE DETAILS Croda, Givaudan and Symrise have all been namechecked as potential buyers. All companies declined to comment when contacted by Bloomberg.

THE WHY? IFF is currently engaged in a ‘portfolio optimization’ exercise, according to Bloomberg, having slashed its sakes forecast for the year earlier this month. IFF’s share price experienced an uplift as news of a potential sale filtered through to the markets.