Conagra Brands Inc said on Wednesday it would buy Pinnacle Foods Inc for about $8.1 billion, trying to grab a bigger share of the fast-growing snack and frozen food markets amid fierce competition in the packaged food industry.
The cash-and-stock deal, which would make Conagra the No. 2 U.S. frozen food maker by sales after Nestle, comes as demand rises for convenient, healthy ready meals, especially among millennials.
