Diamond Foods, Proctor & Gamble Committed to Completing Pringles Deal

A spokesperson for Proctor & Gamble PG said Wednesday that both P&G and Diamond Foods DMND remain committed to bringing Diamond's planned purchase of Pringles from P&G to a close. This despite the disasturous month experienced by Diamond Foods, culminating with reports Tuesday that board member Joseph Silveira's death was a suicide. That news, along with multiple class-action lawsuits, has sent Diamond shares tumbling from about 70 on October 21 to Wednesday's close of $27.80. Diamond shares fell 20% on Wednesday. Diamond Foods announced April 5 it would acquire the Pringles snack food business from Proctor & Gamble for $1.5 billion and would assume $850 million in Pringles debt. On November 1, Diamond announced the transaction would be delayed till June 2012 as the result of an accounting investigation.