Procter and Gamble says Mars Incorporated has agreed to buy the IAMS, EUKANUBA, and NATURA brands for $2.9 billion in cash.
A release says the companies expect to complete the transaction in the second half of 2014, subject to regulatory approvals. Mars currently owns PEDIGREE, WHISKAS, BANFIELD, and ROYAL CANIN.
Mars Petcare Global President, Todd Lachman, said: “We view the addition of the IAMS, EUKANUBA, and NATURA brands as exceptionally strategic. This acquisition is a perfect fit with our Mars Petcare vision of making a better world for pets."
Procter & Gamble says it's committing to no deforestation in its palm oil supply chain. The Cincinnati-based consumer products company says it's going to improve its practices with all its suppliers, including small local farmers, to ensure protection of forests.
Greenpeace activists staged several protests last month around the world, including one at the company's downtown headquarters. They said P&G used palm oil from a supplier tied to tropical forest destruction.