Pringles acquisition receives U.S. antitrust okay

by Eric Schroeder
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SAN FRANCISCO — Diamond Foods, Inc. announced that the waiting period for U.S. antitrust review under the Hart-Scott Rodino Antitrust Improvements Act of 1976 for its pending acquisition of the Pringles business from The Procter & Gamble Co. expired on June 20. The acquisition, which first was announced on April 5, remains subject to regulatory approval by competition authorities in various jurisdictions outside the United States.

As part of the agreement, Diamond Foods has agreed to acquire the Pringles business from The Procter & Gamble Co. in a Reverse Morris Trust transaction valued at $2.35 billion. The transaction, which is expected to close by the end of 2011, is also subject to satisfaction of other conditions, including approval by Diamond’s stockholders.
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