Mars makes sweet buyout

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Updated: Thu, 10 Apr 2014 08:57:27 CST

Dogs around the world could find a sweet treat in the food dishes soon. The candy maker company Mars is beefing up its pet food business. Mars is buying Procter and Gamble's pet foot brands, IAMS, Eukanuba and Natura for 2.9 billion dollars.

Mars makes over 33 billion dollars in annual revenue, from candy like M&Ms and Snickers, but it also owns pet food operations including, Pedigree, Whiska, Banfield, and Royal Canine.

P&G had sales of over 84 billion dollars last year. However, the company says it's exiting the pet care category as a strategy to concentrate on its core businesses.