Pringles joins Corn Flakes' family
NEW YORK - Diamond Foods Inc. (DMND) and Procter & Gamble Co. (PG) have called off their $1.5 billion deal for Diamond to buy the Pringles brand. Cereal maker Kellogg Co. (K) is swooping in and made a $2.7 billion deal to purchase the brand.
Diamond Foods, which makes Emerald Nuts and Pop Secret popcorn, and Procter & Gamble said Wednesday that they mutually agreed to end their proposed deal.
The news comes a week after Diamond Foods said it was replacing its CEO and CFO after an internal investigation found that the company improperly accounted for payments to walnut growers and it needs to restate two years of financial results.
No breakup or other fees will be paid related to the deal's termination.
Kellogg says it expects to complete the Pringles acquisition during the summer.
Popular on MoneyWatch
- Reverse cell phone lookup service is free and simple
- Forbes names most powerful women 2013 10 Photos
- Student loan defaults rising despite a way out
- Rent the cake? Unusual tips to cut your wedding bill
- Amy's Baking Company could face legal 'nightmare'
- Top 10 professional life coaching myths
- How to stop the mediocrity pandemic
- How to organize your job hunt