Wrangler parent VF to buy Timberland in $2 billion deal

NEW YORK (Reuters) - VF Corp , owner of clothing brands such as The North Face and Wrangler jeans, said it would buy shoemaker Timberland Co in a $2 billion deal to boost its outdoor and action sports business.

The deal values Timberland at $43 a share, a 43 percent premium to its Friday closing price of $29.99 on the New York Stock Exchange.

The companies expect the deal, which was unanimously approved by both boards, to add to VF's earnings per share by 25 cents in 2011 and by 75 cents in 2012, including acquisition-related expenses.

(Reporting by Dhanya Skariachan; Editing by Lisa Von Ahn)