Washington, Jul. 16 - J.M. Smucker Co has received approval from U.S. antitrust authorities to buy Folgers, the largest U.S. coffee business, from Procter & Gamble Co, the Federal Trade Commission said Wednesday.
The deal was initially announced on June 3, and then valued at $2.95 billion in stock.
The FTC put it on a list of approved deals that it issues several times a week.
The deal will give P&G shareholders a 53.5 percent stake in Smucker, known for its namesake jellies and jams. It also makes Jif peanut butter and Crisco shortening, brands it acquired from P&G in 2002.
P&G said in January that it would spin off or split off Folgers as it focused on higher-growth segments such as health and beauty.