More on Procter & Gamble's pet food exit

The deal terms for the sale of the three Procter & Gamble (PG +0.8%) pet food brands also gives Mars the option to acquire the business in several European Union nations. If Mars doesn't buy out those assets, P&G says it will look for another buyer.

The divestiture of the pet care business isn't expected to have a material impact on earnings.

The companies expect the transaction to close in the second half of the year after regulators sign off on it.

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