spectrum brands to merge with top shareholder hrg in $10 billion deal - personal care appliances

(Reuters)-
Spectrum brand Holding Co. , Ltd (SPB. N)
The company that produced Rayovac batteries and Remington personal care products said on Monday it would merge with the controlling shareholder HRG Group Inc. HRG.
N. a holding company worth $10 billion.
HRG Group, formerly Harbinger Group, is valued at $3.
21 billion, with two major holding companies, nearly 60% of their own spectrum brands and an insurance companyDelaware)Ltd.
Spectrum brand shareholders will receive the newly issued shares of the consolidated company for each Spectrum brand shares they have in tax
Free trading, while HRG shareholders will receive shares in the consolidated company to match their current shares.
HRG's largest shareholder, Leucadia National Corp. , is expected to hold about 13% of the combined company.
HRG's Heritage shareholders will have another 45% of the combined company.
The Spectrum brand, which also produces the George Foreman Grill, says the current management team and the board will manage the merged company.
The deal will not affect the power holding company of the Spectrum brand business battery that has not yet been sold (ENR. N)
The company plans to explore alternatives for its electrical business.
Shares in HRG rose about 1% in early trading, while shares in Spectrum brands rose 2. 3 percent.