Kellogg to buy Pringles for $2.7 billion

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The Kellogg Co. is planning to buy Pringles potato chips from its owner Proctor and Gamble, according to Bloomberg.

The deal will cost Kellogg $2.7 billion and is an attempt to bolster its presence in the snack food market. The deal with P&G was made after a similar deal with Diamond Foods fell through.

Read more at Bloomberg.