PepsiCo and Quaker Oats have told their respective employees that the deal between the two companies is expected to close in the second quarter. The Wall Street Journal reported that in a memo to staff both companies claim to "have made significant progress" towards getting Federal Trade Commission approval for the $13.54 billion buyout of Quaker Oats. The companies also said that the FTA has "agreed to some limitations on the scope of its inquiry".