CHICAGO, Mar. 6, 2018 (PRNewswire) — Conagra Brands, Inc. announced that the company and The J.M. Smucker Company have terminated their agreement regarding the sale of Conagra's Wesson oil business to The J.M. Smucker Company. This outcome follows the decision of the Federal Trade Commission, announced on March 5, 2018, to challenge the pending transaction. Conagra Brands issued the following statement:
"While we are disappointed by and disagree with the Commission's decision, we have determined that it is in the best interest of our shareholders, customers and employees to terminate the agreement to sell the Wesson oil business to The J.M. Smucker Company rather than pursue litigation."
The company intends to continue its evaluation of the role of the Wesson oil business within its portfolio.
