Ralcorp Holdings Inc.’s $2.6 billion deal to buy the Post cereal business from Kraft Foods Inc. has broken through a federal antitrust barrier.

Ralcorp, the St. Louis-based maker of private label cereal bars, crackers, jellies and cookies, said the Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. The Act’s waiting period is meant to provide the FTC with time to evaluate whether a proposed transaction, such as the pending Post buyout, raises competitive concerns. 

Ralcorp said it has also received clearance from Canada’s Competition Bureau.

The transaction is expected to close by mid-2008, but it is still ”subject to satisfaction of other conditions,” including approval by Ralcorp’s shareholders, Ralcorp said in a press release.

That approval appears to be a “shoe-in,” Wachovia analyst Jonathan Feeney wrote in a note to clients. ”We believe this to be a very sensible acquisition for both parties.”