Conagra completes $10.9bn acquisition of Pinnacle Foods

Conagra completes $10.9bn acquisition of Pinnacle Foods
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Conagra Brands has completed its $10.9 billion acquisition of Pinnacle Foods having secured the approval of the latter’s shareholders.

As reported in June, the deal aims to create a frozen foods leader.

It sees Conagra Brands add the iconic Birds Eye, Duncan Hines and Earth Balance brands to its portfolio.

It also grants it access to emerging brands, such as Gardein, Glutino, Udi’s, Wish-Bone and EVOL.

Sean Connolly, president and chief executive officer of Conagra Brands, said: “Expanding Conagra Brands’ portfolio through the acquisition of Pinnacle Foods creates a tremendous opportunity to drive profitable growth and shareholder value by further leveraging our proven approach to innovation, brand-building, operational excellence and deep customer relationships.

“We are excited to combine the Pinnacle and Conagra Brands portfolios in the attractive frozen meals and snacks and sweet treats categories.

“The complementary brands, operations and results-oriented cultures will help facilitate an effective integration and the continued transformation of Conagra Brands.”