The Federal Trade Commission conferred Triarc Companies Inc, franchisor of the Arby's restaurant system, antitrust approval to buy Wendy's Reuters reported.

Triarc Cos. (TRY) has offered about $2.4 billion in stock for Wendy's, the third largest hamburger chain in the United States after McDonalds and Burger King.

Under the terms of the deal, which is waiting approval by Wendy's and Triarc's shareholders- Wendy's International Inc shareholders will obtain 4.25 Class A Triarc shares for each owned share of Wendy's.

The deal is likely to close later in 2008.

Triarc Companies shares rose 0.71 percent to $7.01 in the New York Stock Exchange in after hours trading on Thursday.

Wendy's shares fell 0.38 percent to $29.67 in the New York Stock Exchange electronic trade.