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November 28, 2009

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Ice cream sale approved

Thursday, June 26, 2003 | 9:53 a.m.

WASHINGTON -- Federal regulators have turned from sour to sweet on a proposed $2.8 billion merger of ice cream giants Nestle Holdings Inc. and Dreyer's Grand Ice Cream Inc.

The Federal Trade Commission on Wednesday approved Nestle's purchase after the companies agreed to sell off three Dreyer's ice cream brands -- Dreamery, Godiva and the Whole Fruit sorbet brand -- and Nestle's U.S. distribution assets, which include warehouses and equipment.

The commission initially opposed the deal. Without the announced changes, the combination would have controlled nearly two-thirds of the market for the richest, sweetest and most expensive ice cream.

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