Procter & Gamble has sold its last remaining food brand – Pringles – freeing up the household products company to focus on its cosmetics and healthcare units.
The buyer is Diamond Foods which is paying the equivalent of just over one billion euros in stock.
Pringles are sold in 140 countries and the purchase will more than triple the size of Diamond’s snack foods business.
This will give Diamond, which is based in San Francisco, a wider access to international markets and also more than double its sales in the United States and the UK.
Its shares rose by the most in two years.