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Article: Smucker's $1 Billion Deal Pairs Jelly with Jif Peanut Butter.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- October 11, 2001
CopyrightCOPYRIGHT 2001 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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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 ...