This relands the reverted #120721 with a fix for cases where neither
reduction operand are the reduction phi. Only
63114239cc8d26225a0ef9920baacfc7cc00fc58 and
63114239cc8d26225a0ef9920baacfc7cc00fc58 are new on top of the reverted
PR.
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Co-authored-by: Nicholas Guy <nicholas.guy@arm.com>