• November 2, 2011

Diamond Foods' $1.5-billion acquisiton of Pringles from Procter & Gamble has been delayed from an expected December 2011 close to first-half 2012, the companies announced.

The delay will allow Diamond to complete an internal accounting investigation, begun after Diamond received an external communication regarding its accounting for certain crop payments to walnut growers. 

P&G said that it remains committed to the transaction, and that the delay will not affect its planned restructuring. The Pringles sale will complete P&G's exit from the food business and make Diamond the largest pure-play U.S. snack foods company, reported Reuters.