BNPP Exane View Management emphasised that Novonesis is the ''natural owner'' of the Feed Alliance. The comments on synergies were somewhat vague but management believes that having direct-to-market access will allow for better cross selling across enzymes and probiotics, supporting their continued confidence in LT growth. Highlights: QandA . ROIC: Intend to re-introduce a ROIC target with LT plan with H1 figures. Do expect deal to be accretive to ROIC . Growth: Market growth MSD CAGR driven by protein demand and other drivers. Expect to add a further LSD CAGR. Growth was a bit less historically . Employees: Expect around 100 people to be transferred. Will hire to accelerate growth but do have employees already in this field. . Valuation of deal: Value to bring the deal home, believe Novonesis is the natural owner . Financials: Was a profit-sharing alliance not a traditional JV. dsm-firmenich was previously operating the go-to-market. Novonesis was already booking sales to dsm-firmenich; previously booking EUR180m of the EUR300m (referred in the dsm-firmenich release), so Novonesis is acquiring an incremental EUR120m) . Synergies: 1. Near term - cross selling across enzymes and probiotics 2. Strengthen geog. footprint 3. Innovation synergies - putting products together, will be more LT as involves RandD . Geographic footprint: Alliance is strong in Europe, APAC and LatAm. Novonesis probiotics is biggest in US market . Cost synergies: Some scope efficiencies but main driver is growth synergies . dsm-firmenich: will remain a significant strategic customer in premix . Mid-term growth: Feel confident on growth of the LT company, acquisition gives Novonesis the right to drive growth synergies Highlights: prepared remarks . Feed Alliance: Complementary capabilities - Novonesis was responsible for RandD and production, dsm-firmenich facilitated go-to-market. Novonesis will now drive full value chain. . Direct go-to-market: Was previously limited on...