US food giant Conagra to buy rival Pinnacle for $10.9 bn

US packaged foods company Conagra Brands has agreed to acquire rival Pinnacle Foods in a deal valued at $10.9 billion including debt. The cash-and-stock deal would create a frozen food giant with $11 billion in annual sales and a combined market capitalisation of $23 billion. Conagra would become the second-largest US frozen food company behind Nestle after the deal's completion.