Tate & Lyle Acquired by Ingredion

British sweetener and ingredients firm Tate & Lyle has agreed to a £2.7 billion takeover by its US rival, Ingredion Incorporated.

This acquisition marks another significant British brand leaving the London stock market, with the deal valuing the company at £2.7 billion.

Ingredion will pay up to 615p per share for the London-listed company.

The move has been described as a blow to the London market, as the venerable but struggling UK firm continues to face challenges with subdued consumer spending.