Buckeyes Procter & Gamble Co and J.M. Smucker Co. have a long history. And Cincinnati's P&G is hoping Folgers, which it acquired in 1963, will be a profitable strategic addition to Orville, Ohio-based J.M. Smucker's portfolio. P&G shareholders are receiving about 53.5% of Smucker. The deal, after all, is for about
$3 billion in stock. The reverse Morris Trust transaction (allowing both companies to avoid taxes) resembles an $806 million deal from 2001, where
Smucker won the auction for P&G's Jif peanut butter and Crisco brands.
The two firms, as TheDeal.com reported back then, have traded strategic ideas for some time: Tim Smucker said, "My father Paul Smucker had opportunity to talk to P&G about the Jif brand over 20 years ago." The Jif-Crisco deal, which received a favorable IRS ruling on a time-phase stock feature, was touted as the
deal of the year by a number of publications.
Last year, Smucker
acquired condensed milk firm Eagle Family Foods Holdings Inc. for $248 million.
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Baz HiralalSmucker to get Folgers in its cupGo to the Folgers story from TheDeal.com
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Well, it is baking time again. Hi, I'm Barb Pleva, and I/we usually bake and fry up a storm from now til just before Christmas. That is part of my problem. I use the butter flavored Crisco solely for frying our ethnic favorites every year. We have been doing that for years and suddenly, in the past couple years the Crisco has been foaming and going over in our fryers. Do you have a remedy for that? I sure would like to know before we start again. Did you change the recipe of your shortening or what other reason would we have for the foaming? Please answer ASAP, as we'll be starting our cherished Christmas projects very shortly. Thank you for a quick response. bpleva@comcast.net or Barb Pleva @ 500 Nordberg NW Grand Rapids, Mi. 49504