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Philip Morris' Purchase of Nabisco Approved by FTC (Update1) 

Philip Morris Cos. received U.S. Federal Trade Commission approval to purchase Nabisco Holdings Corp., after the companies agreed to sell off some of Nabisco's assets.

The acquisition, which will create one of the world's largest food companies, will be completed as quickly as possible, Philip Morris said.

The FTC had expressed concerns that the purchase could have a detrimental effect on competition. In August, the FTC requested additional information from the companies on the proposed purchase, which Philip Morris had said was ``not uncommon in a transaction of this size.''

Philip Morris and Nabisco have agreed to divest all Nabisco's dry-gelatin, dry-mix pudding, no-bake dessert and baking powder assets to the Jel Sert Co., a closely held company based in West Chicago, Illinois. They also agreed to sell Nabisco's ``intense mints'' assets to Hershey Foods Corp.

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