P&G, Jif Part Ways

Procter & Gamble Co. will sell its Jif and Crisco brands to J.M. Smucker Co. for $675 million in stock plus a tax savings of $350 million, giving P&G shareholders a 52% stake in Smucker. P&G's move to spin off food interests will help the consumer-goods firm focus on health-care and beauty-care products. For Ohio-based Smucker, the deal is expected to almost triple its annual earnings and double annual sales to $1.3 billion.

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