Mars Inc. and Procter & Gamble Co. announced April 9 that Mars has agreed to buy the Iams, Eukanuba, and Natura brands of pet foods from P&G in major markets for $2.9 billion. Mars already owns the Pedigree, Royal Canin, Whiskas, Banfield Pet Hospital, Nutro, Sheba, Dreamies, and Cesar brands of pet foods.
The companies expect to complete the transaction in the second half of 2014, subject to regulatory approvals. The acquisition accounts for about 80 percent of P&G Pet Care’s global sales. The agreement applies to countries in the Americas and certain other countries, with an option for Mars to acquire the business in several additional countries.
Markets not included in the transaction are primarily European Union countries. P&G is developing alternative plans to sell its Pet Care business in those markets.