OMAHA, Neb. (AP) — Conagra Brands is dropping its $285 million sale of the Wesson oil brand to the J.M. Smucker Company after regulators challenged it.
Both companies said Tuesday they will abandon the deal instead of fighting the Federal Trade Commission's challenge.
CEO Mark Smucker says he believes regulators underestimated the role private label products play in the cooking oil market. Smucker already owns the Crisco brand.
The deal was announced last spring.
Conagra says it will evaluate whether to retain Wesson or try to sell the brand to a different buyer.
Conagra moved its headquarters to Chicago from Omaha, Nebraska, in 2016.
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