The board of Tate & Lyle have backed the move by a US competitor to take it into private hands.

The combined company will generate nearly $10 billion in annual revenue and have a broad portfolio to address more consumer needs, such as clean label and lower sugar.

Ingredients giant Tate & Lyle has accepted a £2.7bn takeover deal by a rival American food firm, in the latest flight of a historic brand from London.

The deal comes after a recent spate of swoops for UK companies by foreign firms.

The board of Tate & Lyle have backed the move by a US competitor to take it into private hands.

The group was first founded in the UK more than 165 years ago.