Wednesday November 28, 2012

OMAHA, Neb. (AP) -- ConAgra Foods is buying private-label food producer Ralcorp for about $4.95 billion, which will make it the biggest private-label packaged food business in North America.

ConAgra says the acquisition will strengthen its overall position in the North American packaged food business. ConAgra brands include Chef Boyardee, Egg Beaters, Peter Pan and Reddi-wip.

The combined company will have total sales of about $18 billion annually. The companies value the transaction at about $6.8 billion.

The deal is expected to close by March 31, 2013.