Kellogg has today (15 February) emerged as the surprise buyer of global snacks brand Pringles after the planned sale to Diamond Foods was called off.

The US cereal giant announced it had agreed to buy Pringles from current owner Procter & Gamble for US$2.7bn.

A deal between P&G and Diamond was terminated in the wake of the accounting scandal that has embroiled the US snack maker.

Diamond, which is appointing a new CEO and CFO after uncovering improper accounting at the company, said it and P&G had "mutually agreed" to rip up their agreement, which was signed last April.

The Kettle Chips owner said no break-up fees would be paid. "Diamond has enjoyed a positive and constructive working relationship with P&G throughout this process, and the mutual termination of our agreement and release of all associated liabilities was reached in the same spirit," Diamond acting president and CEO Rick Wolford said. "Diamond now will put its full effort on the growth of our business with focused execution to continue to build our successful brands."

Kellogg CEO John Bryant said he was "excited" to announce what he called a "strategic acquisition" for the company.

"Pringles has an extensive global footprint that catapults Kellogg to the number two position in the worldwide savory snacks category, helping us achieve our objective of becoming a truly global cereal and snacks company," Bryant said.

Kellogg said Pringles was the world's "second-largest player in savory snacks", with $1.5bn in sales in over 140 countries and manufacturing operations in the US, Europe and Asia.

"The addition of Pringles to our global cereal and snacks portfolio will provide an excellent return for stakeholders and better position us for future, profitable growth," Bryant added.