February 16, 2012 in Business

Kellogg buying Pringles from P&G

From wire reports

NEW YORK – Kellogg is hoping Pringles will satisfy its craving for a salty snack.

The food giant is best known for its lineup of sweet breakfast items, including Frosted Flakes and Eggo frozen waffles. On Wednesday it became the world’s second-biggest savory snack maker behind PepsiCo Inc.’s Frito-Lay with a $2.7 billion deal to buy the potato snack brand from Procter & Gamble.

The addition of Pringles positions Kellogg Co. to expand at a time when the appetite for on-the-go foods is growing worldwide, particularly in emerging markets like China and India.

Bankruptcy judge OKs Kodak’s financing

ROCHESTER, N.Y. – A U.S. Bankruptcy Court judge in New York is approving Eastman Kodak Co.’s $950 million debtor-in-possession financing.

The photography company announced the court’s decision Wednesday. The money allows Kodak to operate normally during bankruptcy, while it tries to sell its collection of digital-imaging patents.

Kodak also received court approval to end its sponsorship deal with the Hollywood theater that is the venue for the Academy Awards. The company’s financial advisers said in court documents that the benefits of having the company’s name on the 3,300-seat erstwhile Kodak Theatre aren’t worth the contract’s cost.

Following drawn-out efforts to revive its business, Kodak filed for Chapter 11 bankruptcy protection in January when it ran short of cash. The $950 million financing includes an initial $650 million from Citigroup Inc. approved by the court when Kodak first filed.

Head of World Bank leaving post in June

WASHINGTON – World Bank President Robert Zoellick said Wednesday he is stepping down, raising the possibility that a non-American might be chosen for the first time to head the 187-nation lending organization.

Zoellick, 58, informed the board he will leave June 30 at the end of a five-year term, during which he led the bank’s response to the global financial crisis.

The board now begins looking for a new president under guidelines directors adopted in 2011 calling for an “open, merit-based and transparent selection” process.

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