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Diamond Foods Receives Clearance on Pringles Acquisition

Diamond Foods Inc. has received clearance from the United Kingdom’s Office of Fair Trading (OFT) on its pending acquisition of the Pringles business from The Procter & Gamble Co.

The clearance by the OFT follows Diamond’s June announcement that the waiting period for U.S. antitrust review under the Hart-Scott Rodino Antitrust Improvements Act of 1976 for Diamond Foods’ pending acquisition of the Pringles business from The Procter & Gamble Co. expired on June 20.

On April 5, Diamond Foods announced the signing of a definitive agreement to acquire the Pringles business from The Procter & Gamble Co. in a Reverse Morris Trust 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.

Diamond Foods is a packaged food company focused on building, acquiring and energizing brands including Kettle® Chips, Emerald® snack nuts, Pop Secret® popcorn, and Diamond of California® nuts. The company’s products are distributed in a wide range of stores where snacks and culinary nuts are sold.

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