Global packaging company MeadWestvaco said Thursday that it plans to divest itself of its office products business by spinning off the unit and then merging it with rival Acco Brands in a deal valued at about $860 million.

MeadWestvaco-which has in recent years been moving away from being a paper supplier to a maker of packaging products for major clients like Coca-Cola, Procter & Gamble, and Wal-Mart-will receive a $460 million cash dividend and its shareholders will own slightly more than half of the combined company, according to reports by Bloomberg and The Associated Press.

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