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J. M. Smucker Stops Deal to Buy Wesson from Conagra
USAgNet - 03/08/2018

The J. M. Smucker Company, Orrville, Ohio, announced that it and Conagra Brands, Inc have agreed to terminate the definitive agreement for it to acquire the Wesson oil brand from Conagra. The agreement was previously announced on May 30, 2017. On March 5, the U.S. Federal Trade Commission (FTC) announced that it filed an administrative complaint challenging the proposed transaction.

"While we disagree with the FTC's conclusion, we have mutually determined with Conagra that it is not in the best interest of either party to expend the anticipated significant additional stime and resources to challenge the FTC's administrative complaint," said Mark Smucker, chief executive officer. "We believe the FTC underestimated the significant role that private label brands play in the oils category, which account for approximately 50 percent of all cooking oil sales and hold significantly higher market share at some retailers. This transaction was expected to provide significant cost synergies to ensure that branded oil products would remain competitive in the market. We continue to be committed to delivering value to our consumers and customers with our Crisco brand and oils business."

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