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Lance To Merge With Snyder's

Stockholders of snack cracker maker Lance Inc. have agreed to a merger with privately held Pennsylvania pretzel company Snyder's of Hanover Inc.

CHARLOTTE, N.C. (AP) -- Stockholders of North Carolina snack cracker maker Lance Inc. have agreed to a merger with privately held Pennsylvania pretzel company Snyder's of Hanover Inc.

Lance officials said 96 percent of votes cast at Thursday's shareholders meeting approved issuing the shares of stock needed to complete the merger that should create the country's No. 2 producer of salty snacks behind PepsiCo Inc.'s Frito-Lay division.

Snyder's shareholders vote Friday. If they agree, the companies could complete the move Monday.

The merger will give Snyder's shareholders 50.1 percent and Lance shareholders 49.9 percent of the combined company, to be called Snyder's-Lance Inc.

The new company will be based in Lance's hometown of Charlotte.

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