Diamond Foods plans to buy Pringles from Procter & Gamble for $1.5 billion (€1.05 billion) in stock, tripling the size of a company that has been gorging on snack foods while marking Procter & Gamble’s long expected exit from the food business.

Pringles, known for its crisps sold in more than 140 countries, will expand Diamond’s global footprint and more than double its sales in the United States and the UK – making it the second biggest snack foods company in the world behind Pepsi. Shares in Diamond Foods rose as much as 12 per cent yesterday. – (Reuters)