P&G expects to close Pringles sale later than expected

CINCINNATI — Procter & Gamble announced that the completion of its deal to sell the Pringles brand to Diamond Foods has been pushed back to June 2012.

The transaction, which initially was expected to close this December, was delayed "to allow Diamond Foods to complete an accounting investigation." P&G said it remains committed to the transaction and noted that the timing of the deal would not affect P&G's planned restructuring.

The deal, announced in April, is valued at $2.35 billion.