MoneyWatch

Mars buying Iams, Eukanuba from Procter & Gamble for $2.9 billion

/ AP

MCLEAN, Virginia - Mars is buying some of Procter & Gamble's (PG) pet food brands for $2.9 billion to help strengthen its pet care business.

Mars Inc. is acquiring P&G's Iams, Eukanuba and Natura brands in North America, Latin America and certain other countries.

The company better known for its candy brands already owns pet care brands such as Pedigree, Whiskas, Banfield and Royal Canin.

Procter & Gamble Co. says it is exiting the pet care category as part of its strategy to concentrate on its core businesses.

The transaction excludes mostly European Union countries. P&G says it's developing alternate plans to sell its pet care business in those markets.

The deal is targeted to close during the second half of the year.

First published on April 9, 2014 / 10:29 AM EDT

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