date:Apr 10, 2014
Procter Gamble Co is selling the bulk of its pet food business to Mars Inc for $2.9 billion to focus more on its personal care and cleaning brands, the companies said on Wednesday.
In an all-cash deal, privately held Mars will buy the Iams brand, as well as Eukanuba and Natura, in the Americas and other selected countries, which account for 80 percent of PG Pet Care's global sales.
PG is seeking other buyers for those brands in European Union markets, which were excluded from this deal.
Mars