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Procter & Gamble Co. and J.M. Smucker Co. on Wednesday unveiled plans to merge P&G's Folgers coffee brand with the jam and
jelly company in a tax-free all-stock deal they valued at nearly $3.3
billion.
The news comes 10 months after Cincinnati-based P&G unveiled plans to sell slow-growth businesses.
The deal includes the assumption of nearly $350 million in Folgers debt, according to a statement from the companies Wednesday. Smucker will also issue a one-time $5 per share dividend to its shareholders. Once the deal is completed, P&G shareholders will hold nearly 53.5% of Smucker. Just as the credit crunch descended, P&G in August revealed plans to prune its portfolio, saying a buyer for its slow-growth brands would likely be a strategic acquirer as opposed to a private equity firm. The deal between the two companies is not the first, nor is this the only time P&G has cleaned out its pantry. (For details on those deals and advisers, see the full story on TheDeal.com.) - Carolyn Murphy See press release See Dealscape: P&G may empty Folgers from its cup See Dealscape: P&G to finally empty its pantry Categories Deal Video
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