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Commission rubber stamps Kellogg’s Pringles buy

04-May-2012

Commission rubber stamps Kellogg’s Pringles buy

The European Commission has cleared Kellogg’s $2.7bn deal to acquire snack business Pringles from Procter & Gamble (P&G).

The deal was cleared under the EU Merger Regulation examined under the simplified merger review procedure.

Kellogg snatched Pringles from under the noses of Diamond Foods in February this year, after Diamond’s bid collapsed as it removed its CEO and chief financial officer over improper accounting.

Analysts have said Kellogg will become the world’s second largest snack company with the Pringles buy, but will remain some way behind the market leader Frito-Lay, a division of Pepsico.

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