Pringles sale delayed until 2012

US-based consumer goods company Procter & Gamble has announced that the sale of its snacks brand Pringles has been delayed to allow buyer Diamond Foods to complete an accountancy investigation regarding crop payments made to walnut growers.

The deal, which was previously expected to close in December 2011, is now set to to close before the end of June 2012.

Procter & Gamble said the delay will not affect its restructuring plans as it intends to cut costs to offset lost revenue from the Pringles sale.

The sale of the brand is valued at $2.35bn, which includes $1.5bn in Diamond common stock and an assumption of $850m of Pringles debt.