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Food & Beverage

Smuckers shareholders approve buyout of Folgers

October 20, 2008
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Shareholders of J.M. Smucker Co. have approved the proposed buyout of Folgers Coffee Co. from Procter & Gamble Co., roughly doubling the size of the jams and jellies maker, according to the Associated Press. Smucker shareholders overwhelmingly approved a proposal to issue Smucker shares to carry out the $2.95 billion all-stock transaction. The company said in a news release it expects the deal to close next month. The deal to buy Folgers, announced in June, will nearly double Smuckers’ size. Folgers will become the 10th No. 1-ranked brand in the Smucker stable, which also includes its namesake jams, Eagle Brand condensed milk and Hungry Jack pancake mix. Smucker bought Jif peanut butter and Crisco cooking oil from P&G in a $1 billion stock deal in 2002.
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