- Mars plans to buy a series of Procter & Gamble (PG) pet food brands for $2.9B.
- P&G unloads the Iams, Eukenaba, and Natura brands as part of the deal.
- As a result of the sale, P&G will begin reporting results for its global pet care business as a discontinued operation starting in Q2.
- The pile of cash from the deal will go to general corporate purposes, says P&G for now.
- PG +0.5% premarket
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