Shareholders of International Flavors & Fragrances (IFF) have approved the company’s upcoming merger with DuPont’s Nutrition & Biosciences (N&B) business.

They approved the issuance of shares of IFF common stock in relation to a merger, which was first announced last December.

The Reverse Morris Trust transaction values the new entity at $45.4bn on an enterprise value basis.

DuPont shareholders will hold a 55.4% stake in the newly formed company while IFF shareholders will own the remaining 44.6% stake.

IFF chairman and CEO Andreas Fibig said: “We are pleased to have received the strong support of IFF shareholders, who have recognised this unique opportunity to create a leading ingredients and solutions provider, which is better positioned to meet our customers’ evolving needs and unlock long-term value creation.

“We’ve already made tremendous progress in the integration planning process to develop a purpose, vision and operating structure for our future combined company and today’s milestone brings us that much closer to bringing the combination to life.”

With the receipt of approval from IFF shareholders, the deal is said to be on track to close in the first quarter of next year, subject to regulatory approvals and closing conditions.