By Colin Kellaher

Shares of International Flavors & Fragrances Inc. (IFF) fell nearly 6% in premarket trading Monday after the company agreed to combine with DuPont de Nemours Inc.'s (DD) nutrition business.

DuPont shares moved higher.

DuPont's shareholders will own 55.4% of the combined company as a result of the deal, which values the nutrition division at around $26 billion, while IFF's shareholders will own 44.6%.

DuPont also will get a $7.3 billion cash payment.

IFF shares, which closed Friday at $133.98, were down 5.6%, to $126.47, in premarket trading. Shares of DuPont gained 3.6% premarket, to $67.13.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

December 16, 2019 09:20 ET (14:20 GMT)

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