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FILE - In this April 5, 2011 file photo, Pringles chips are seen in a posed photo at a West Bath grocery store. Kellogg Company announced Wednesday, Feb. 15, 2012, that it has entered into an agreement to acquire Procter & Gamble's Pringles business for $2.695 billion. (AP Photo/Pat Wellenbach, File)
Last updated: February 15, 2012 7:39 a.m.

Diamond's Pringles deal ended; Kellogg steps in

Associated Press

NEW YORK (AP) — Diamond Foods Inc. and Procter & Gamble Co. have called off their $1.5 billion deal for Diamond to buy the Pringles brand. Cereal maker Kellogg Co. is swooping and made a $2.7 billion deal to purchase the brand.

Diamond Foods, which makes Emerald Nuts and Pop Secret popcorn, and Procter & Gamble said Wednesday that they mutually agreed to end their proposed deal.

The news comes a week after Diamond Foods said it was replacing its CEO and CFO after an internal investigation found that the company improperly accounted for payments to walnut growers and it needs to restate two years of financial results.

No breakup or other fees will be paid related to the deal's termination.

Kellogg says it expects to complete the Pringles acquisition during the summer.

© Copyright 2012 Associated Press. All rights reserved. Neither this material nor its presentation may be published, broadcast, rewritten or redistributed.
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