Kellogg Co said on Wednesday it will buy the Pringles business from Procter & Gamble Co for $2.7 billion in cash, as it aims to build its position in the global snacks market comparable to its strength in the cereal business. P&G agreed to sell Pringles to Diamond Foods Inc last year, but the deal fell apart because of delays caused by a U.S. probe into Diamond’s accounting practices. P&G said the deal with Kellogg would be completed by this summer. Read more: Kellogg to buy Pringles from P&G for $2.7 billion
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Kellogg Co said on Wednesday it will buy the Pringles business from Procter & Gamble Co for $2.7 billion in cash, as it aims to build its position in the global snacks market comparable to its strength in the cereal business.

P&G agreed to sell Pringles to Diamond Foods Inc last year, but the deal fell apart because of delays caused by a U.S. probe into Diamond’s accounting practices.

P&G said the deal with Kellogg would be completed by this summer.

Read more: Kellogg to buy Pringles from P&G for $2.7 billion

“Romney makes it rain snack chips.” -@BuzzFeedBen Republican presidential candidate and former Massachusetts Governor Mitt Romney tosses bags of chips to members of the press on his campaign plane in Jacksonville, Florida January 30, 2012. [REUTERS/Brian Snyder]
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“Romney makes it rain snack chips.” -@BuzzFeedBen

Republican presidential candidate and former Massachusetts Governor Mitt Romney tosses bags of chips to members of the press on his campaign plane in Jacksonville, Florida January 30, 2012. [REUTERS/Brian Snyder]