ConAgra Foods has finally bagged its long-sought corporate prey, announcing today its agreement to acquire Ralcorp Holdings for about $5 billion.

The companies' union — which ConAgra CEO Gary Rodkin has been trying to consummate for 20 months — will create one of the largest packaged-food companies in North America, with total combined sales of about $18 billion.

But more important, it expands ConAgra's penetration in the growing private-label market at the same time that it offers more hope for retail growth by ConAgra brands — including Chef Boyardee, Hunt's, Healthy Choice, Orville Redenbacher's and Banquet — that, while well known, tend to be second- and third-tier marques. As ConAgra's FAQ on the deal notes,

The acquisition of Ralcorp will add to ConAgra Foods’ existing $950 million private label business to create the largest private label business in North America, with approximately $4.5 billion in combined private label sales, and a strong platform for sustainable, profitable growth over the long term. The two companies’ portfolios are a complementary fit, with very little overlap in terms of offerings. Ralcorp’s leading private label offerings include cereal, pasta, crackers, jellies and jams, syrups, frozen waffles, and more.Continue reading...

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Last fall, a quartet of Hollywood actors — Matt Damon, Ben Affleck, Ana Ortiz and Taye Diggs — donated their talents to promote Feeding America's work in keeping food flowing to more than 200 food banks.

Now ConAgra is also stepping up, expanding a commitment that began last year by increasing its donation, to up to 2.5 million meals, to Feeding America's child hunger program.Continue reading...