Diamond Foods signalled its intention to acquire the business in April this year and last month received antitrust clearance from the US, the UK and Germany. The Ukraine apoproval means it has received all the antitrust agreements required although Diamond shareholders are yet to approve it.
The US food giant signed a deal in April to take the international crisps brand off P&G’s hands – a move that is set to triple the size of Diamond’s snack business that includes the Kettle chips brand it paid €432m for in 2010. Diamond also owns Emerald nuts and Pop Secret Popcorn.
It is expected that Diamond shareholders will by the end of the year approve the complicated deal that will see Diamond shareholders assume €600m of Pringles debt with the Pringles division being shorn off from P&G to create a separate entity before the sale to reduce tax impacts on P&G shareholders.
The Pringles brand sells about €843m annually.
P&G has for several years been refining its portfolio with a focus on beauty and personal care products and has sold other food brands like Sunny Delight juice, Jif peanut butter, Crisco shortening and Folgers coffee.
In that period it bought hair firms Wella and Clairol and shaving company Gillette.
Its recent trading statement showed yearly profits rising from €1.54bn to €1.76bn with analysts estimating revenue for fiscal 2012 would be €61.1bn – a growth rate of 5.4% yea-on-year.