Tate & Lyle agrees £2.7bn takeover by US rival in new blow to FTSE

Venerable but struggling UK firm backs deal with Chicago-based Ingredion which puts nearly 500 jobs worldwide at risk

Tate & Lyle has agreed to a £2.7bn takeover by its US rival Ingredion, in a deal that could put hundreds of jobs at risk and represents yet another loss for London’s struggling stock market.

The FTSE 250 business, which makes artificial sweeteners such as Splenda, has agreed to a deal that values it at 615p per share, about 60% above its price before news of a possible takeover emerged.