This is a significant strategic move for Mars Petcare to complement its large and growing global pet care business.
The companies expect to complete the transaction in the second-half of 2014, subject to regulatory approvals.
P&G’s chairman, president and CEO, AG Lafley, said: “Exiting Pet Care is an important step in our strategy to focus P&G’s portfolio on the core businesses, where we can create the most value for consumers and share owners. The transaction creates value for P&G share owners, and we are confident that the business will thrive at Mars, a leading company in pet care.”
Source: Mars Incorporated
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