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

 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.