Del Monte Pacific Swings $1.7B Deal For US Food Biz

By Igor Kossov (October 11, 2013, 2:03 PM EDT) -- Philippine food conglomerate Del Monte Pacific Ltd. has agreed to acquire the consumer food business of Del Monte Foods, a private U.S. corporation, for $1.675 billion, the companies announced Friday.

If the deal passes regulatory muster, DMPL will own DMF's consumer food assets and "Del Monte" food brand in the U.S., as well as equity interests in South American subsidiaries. Beside consolidating its brand name, the Philippine company is interested in DMF's market share of canned fruits and vegetables.

"Prior to this acquisition, the U.S. was one of few key markets where our company did not have a direct presence nor...

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