Diamond Foods receives OFT clearance on Pringles Acquisition

Diamond Foods has received clearance from the UK’s Office of Fair Trading (OFT) on its pending acquisition of the Pringles business from The Procter & Gamble Company.
The clearance by the OFT follows Diamond’s June announcement that the waiting period for US antitrust review for the pending acquisition of the Pringles business from The Procter & Gamble Company expired on June 20, 2011.
In April, Diamond Foods announced the signing of a definitive agreement to acquire the Pringles business in a transaction valued at $2.35 billion. The transaction, expected to close by the end of this calendar year, is also subject to satisfaction of other conditions, including approval by Diamond’s stockholders.

