IFF to merge with DuPont’s $26.2 billion nutrition unit

IFF to merge with DuPont’s $26.2 billion nutrition unit

FILE PHOTO: A DuPont logo is pictured on the EMEA (Europe, Middle East & Africa) and Du Pont de Nemours International SA building in Grand-Saconnex near Geneva August 4, 2009. REUTERS/Denis Balibouse/File Photo

(Reuters) – International Flavors & Fragrances Inc (IFF.N) on Sunday said it will merge with DuPont Inc’s (DD.N) $26.2 billion nutrition & biosciences unit, in a deal that will create a new combined company.

Under terms of the deal, 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, which has been unanimously approved by both boards, values the combined company at $45.4 billion on an enterprise basis, IFF said.

DuPont will also receive a one-time cash payment of $7.3 billion upon closing of the deal, IFF added.

IFF chief Andreas Fibig will run the combined company and will also continue to be the chairman of the board, the company said.

Greenhill & Co and Morgan Stanley advised IFF while Credit Suisse Securities (USA) and Evercore served as DuPont’s advisers.

Reporting by Shubham Kalia in Bengaluru; Editing by Nick Zieminski

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