IRS APPROVES JIF, CRISCO SALE

P&G and Smucker Get Green Light for Estimated $1 Billion Deal

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CINCINNATI (AdAge.com) -- Procter & Gamble Co. will complete its divestiture of Jif peanut butter and Crisco shortening and oil to J.M. Smucker Co. on June 1, P&G announced today.

P&G said it has

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received a favorable Internal Revenue Service private-letter ruling concerning tax effects, allowing the tax-free deal, valued at around $1 billion, to proceed.

Jif and Crisco will be spun off, then immediately merged into Smucker. P&G shareholders will receive one share of Smucker for every 50 shares of P&G stock.

Grey Global Group's Grey Worldwide, New York, will handle the brands for Smucker as it has for P&G.

Jif and Crisco have combined sales of about $700 million.

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