(Reuters) - International Flavors & Fragrances Inc on Sunday said it will merge with DuPont Inc's $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. IFF Chief Executive Officer Andreas Fibig will run the combined company and will also continue to be chairman of the board.

Source: International New York Times December 15, 2019 22:21 UTC