Article: Smucker's $1 Billion Deal Pairs Jelly with Jif Peanut Butter.

By Janet Patton, Lexington Herald-Leader, Ky. Knight Ridder/Tribune Business News

Oct. 11--Peanut butter and jelly came together yesterday in a billion-dollar sandwich.

Top jelly-maker J.M. Smucker announced that it is acquiring the Jif peanut butter and Crisco cooking oil brands from Procter & Gamble. Jif is made in Lexington; Crisco, in Cincinnati.

The all-stock deal was valued at more than $1 billion. P&G shareholders got one share of new J.M. Smucker stock for every 50 P&G shares, resulting in about 26 million new Smucker shares.

Wall Street lapped up the sweet deal.

Smucker shares (SJM: NYSE) shot up 20 percent to ...

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