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Nestle to acquire Carnation in international food deal

Nestle SA., the Swiss food processor, with more than $11 billion in annual sales around the world, reached an agreement to acquire the stock of Carnation Company of Los Angeles for $83 a share in cash.

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Carnation's directors recommended that shareholders accept the offer. Carnation shares on the New York Stock Exchange rose $4, to $79.50, on the news.

The offer, worth an estimated $3 billion, was to begin Wednesday.

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