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Diamond Foods receives OFT clearance on Pringles Acquisition

Posted 1 August, 2011
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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.

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