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Kellogg said that its outstanding debt will like increase by about $2 billion and that it will limit buybacks to proceeds received by the company from employee option exercises for about two years to allow the company to reduce its debt. Kellogg expects to complete the Pringles acquisition during the summer, possibly on June 30. If the deal closes around that time, Kellogg anticipates that the acquisition will add about 8 to 10 cents per share to its 2012 earnings before accounting for the acquisition and one-time costs and changes to its buyback program. One-time costs are expected to be between $160 million and $180 million, with approximately $70 million to $90 million of those costs likely to be recognized in 2012. Procter & Gamble said that it now expects fiscal 2012 earnings of $3.30 to $3.43 per share, which excludes the gain from the Pringles sale. If the sale closes in the current fiscal year, the company foresees earnings between $3.77 and $3.93 per share. This includes the one-time gain of 47 cents to 50 cents per share. Procter & Gamble said that its previous earnings outlook of $3.85 to $4.08 per share included an estimated 55 cents to 65 cents per share one-time gain from the Diamond Foods deal. Analysts surveyed by FactSet predict earnings of $4.06 per share for the year.
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