International Flavors & Fragrances Inc (IFF.N) said it will merge with DuPont Inc’s (DD.N) $26.2 billion nutrition & biosciences unit in a deal that will create a new consumer giant valued at more than $45 billion.
Under terms of the agreement, DuPont shareholders will own 55.4% of the shares of the new company and existing IFF shareholders will own 44.6%, IFF said in a statement.
The deal has been unanimously approved by both boards, New York-based IFF said.
Industrial materials maker DuPont will also receive a one-time cash payment of $7.3 billion upon closing of the deal, IFF added.
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