P&G announced its intention to sell the Pringles business to Kellogg in a $2.7-billion all-cash transaction that is expected to be completed in the summer.
Final timing will be dependent upon receiving all necessary regulatory approvals.
Due to the recent announcement by Diamond Foods, P&G has mutually agreed with them to terminate the existing transaction.
This is an excellent development for P&G, Pringles and Kellogg, creating value for shareholders and representing an outstanding opportunity for Pringles employees with a leading company in the Food sector.
Kellogg is a strong strategic home for Pringles and will significantly accelerate Kellogg's goal of building a global snacks business on par with its global cereal business.