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• Procter & Gamble has agreed to sell most of its pet food portfolio, including Iams and Eukanuba, to Mars, the candy manufacturer. The price: $2.9 billion.

“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,” P&G CEO A.G. Lafley said in a statement. “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.”
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