DuPont de Nemours Inc. DD, +1.62% said Friday that its board of directors has approved the separation of the material company's nutrition and biosciences business. Under terms of the "split-off," DuPont shareholders can choose to tender DuPont common shares for Nutrition & Biosciences (N&B) common stock. Once the N&B business is separated, it will combine with International Flavors & Fragrances Inc. IFF, +1.30% (IF&F), a $26.2 billion deal which was announced a year ago. "DuPont's management and Board of Directors believe the split-off enhances choice for DuPont stockholders and offers an attractive and efficient way for DuPont to retire shares," said DuPont Chief Executive Ed Breen. DuPont's stock, which rose 2.2% in premarket trading, has rallied 17.2% over the past three months while the S&P 500 SPX, +0.58% has advanced 12.1%.