Atlanta - Newell Rubbermaid is buying Jarden Corp. in a cash-and-stock deal worth about $13.2 billion.

The combined company will generate a mammoth $16 billion in revenue per year with brands such as Paper Mate, Sharpie, Elmer’s, Rubbermaid, Calphalon, Lenox, Yankee Candle and Graco.

Jarden shareholders will receive $21 in cash and 0.862 shares of Newell Rubbermaid stock for each share they own. The implied total value is $60 per share.

Newell Rubbermaid shareholders will own about 55 percent of the combined business. It said Monday that it expects annual cost savings of about $500 million over four years. The transaction is expected to immediately add to earnings per share.... Read More: VIN