We have probed the interface of a ferromagnetic/semiconductor (FM/SC) heterojunction by a combined high resolution photoemission spectroscopy and x-ray photoelectron diffraction study. Fe/ZnSe(001) is considered as an example of a very low reactivity interface system and it is expected to constitute large tunnel magnetoresistance devices. We focus on the interface atomic environment, on the microscopic processes of the interface formation and on the iron valence band. We show that the Fe contact with ZnSe induces a chemical conversion of the ZnSe outermost atomic layers. The main driving force that induces this rearrangement is the requirement for a stable Fe-Se bonding at the interface and a Se monolayer that floats at the Fe growth front. The released Zn atoms are incorporated in substitution in the Fe lattice position. This formation process is independent of the ZnSe surface termination (Zn or Se). The Fe valence-band evolution indicates that the d-states at the Fermi level show up even at submonolayer Fe coverage but that the Fe bulk character is only recovered above 10 monolayers. Indeed, the Fe Delta(1)-band states, theoretically predicted to dominate the tunneling conductance of Fe/ZnSe/Fe junctions, are strongly modified at the FM/SC interface.