International Flavors & Fragrances (IFF) plans to acquire global flavours and ingredients maker Frutarom after receiving approval from the firm’s shareholders.

The decision was made by Frutarom at a general meeting, where 94.6% of attending shareholders approved the deal. These represented around 75% of all outstanding shares of the company.

Subject to clearance by the relevant regulatory authorities and other customary closing conditions, the $7.1bn deal is scheduled to be completed by Q4 2018.

Once the deal is closed, Frutarom’s shareholders will receive $71.19 in cash for each Frutarom share and 0.249 of IFF common stock share.

Frutarom president and CEO Ori Yehudai said: “We appreciate the support from our shareholders as this transaction represents a landmark moment for Frutarom, delivers significant and immediate cash value to our shareholders and provides an opportunity to participate in the substantial potential upside of the combination.

“We appreciate the support from our shareholders as this transaction represents a landmark moment for Frutarom.”

“We continue to work closely with IFF’s management team to ensure the successful completion and integration of our two great companies, and we look forward to driving growth by capitalising on the best of both organisations.”

Frutarom currently operates production and development centres across six continents and markets. It sells more than 70,000 products to customers in 150 countries.

Based in Israel, the company primarily provides flavour and fragrance extracts to the food, beverage and cosmetics industries.

IFF chairman and CEO Andreas Fibig said: “Together, IFF and Frutarom will become a global leader in taste, scent and nutrition, with a broader customer base, more diversified product offerings and increased market penetration.

“Through our integration planning work, we continue to be confident in the opportunities that lie ahead and the ability of the combination to accelerate profitable growth, enhance free cash flow and generate greater returns for IFF shareholders.”

Based in the US, IFF is engaged in the production of fragrances, beauty products and household goods.