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October 7, 2008 1:16:38 AM CDT

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Smucker Nears Folgers Deal

Posted Jun 4, 08 7:18 AM CDT in Business 

(Newser) – A deal in which JM Smucker Co. will acquire Folgers from Proctor & Gamble is percolating and expected to close this week, the Wall Street Journal reports. The all-stock purchase, which could ring in at $2 billion or more, means Smucker will nearly double in size and take over the leading spot in the coffee market.

Proctor & Gamble has been steadily selling off slow-growing food businesses to focus on companies in the health and beauty industries. In 2002, Smucker rocketed to No. 1 in the peanut butter and cooking oils markets when it picked up P&G’s Jif peanut butter and Crisco shortening brands. That all-stock deal was valued at almost $1 billion.

Source Wall Street Journal

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Smucker's expected purchase of Folgers means it will take the top spot in the coffee market.   (Getty Images)
TV actress Chandra Wilson tapes a Folgers Gourmet Selections commercial.   (AP Photo)
Folgers is the top-selling ground coffee in the US, with annual sales of $1.6 billion.   (Getty Images)
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