Mars Inc, a confectionery firm, announced it would acquire IAMS, Natura and Eukanuba pet food brands from Procter & Gamble. The acquisition for the brand names of the P&G pet food in the US and Latin America was valued USD2.9 billion, said a report from Reuters.
On Wednesday, Mars Inc. released a statement saying the company would buy the rights of the brands in Latin America, United States and other regions except those that are in Europe. The regions mentioned took in around 80 percent of Procter & Gamble sales worldwide.
Meanwhile, Mars Inc. is known for its brands including Whiska, Royal Canin, Bankfield and Pedigree.
Mars has the option to purchase the rights of the brand name in other countries. P&G also satted that an alternative plan has been drafted to enable the sale of its Pet Care arm in the EU markets. Procter & Gamble stated that the company would be expecting a reduction on its core earnings by 3 cents per share piece in 2013 and 4 cents in 2014 following discontinued programs on its Pet Care business.
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