Nestlé's $10bn (€11bn) acquisition of pet products manufacturer Ralston Purina, one of the largest acquisitions this year, has received approval from the US Federal Trade Commission, the final regulatory hurdle since the deal was announced in January.

Nestlé, the Swiss consumer products group, took advice from Greenhill & Co and Credit Suisse First Boston. Ralston Purina took advice from Dresdner Kleinwort Wasserstein. The deal to create the largest pet-care company in the world has already obtained European competition approval from the European Commission, and should complete at the end of the month. The new organisation will be called Nestlé Purina PetCare Company and will be based in St. Louis, Missouri. Nestlé is paying Ralston Purina $33.50 per share in cash, giving an enterprise value of $10.3 billion, $10.0bn equity plus $1.2 billion of net debt, minus $0.9 billion of financial investments. Nestlé will retain its AAA rating after completion.