FTC approves Smucker's Folgers acquisition

CINCINNATI & ORRVILLE, Ohio J.M. Smucker will purchase the Folgers brand and business from Procter & Gamble for almost $3 billion worth of stock in a tax-free deal announced last month that the Federal Trade Commission approved Wednesday.

Under the terms of the merger, P&G stockholders will get a 53.3 percent stake in Smucker, which bought P&G’s Crisco and Jif peanut butter brands in 2002.

Cincinnati-based P&G shares were trading at $63.95 on the New York Stock Exchange Thursday.