A potential move by Mondelez International, Inc. to acquire the Arnott’s cookie and cracker brands from Campbell Soup Co. has reached a stalemate, according to a report from CNBC. The news comes a little more than a week after various news outlets reported that Mondelez was negotiating final terms for the acquisition of the business, which includes the Australian cookie brand Arnott’s and Danish baked snacks maker Kelsen Group.
Citing people familiar with the negotiations, CNBC said there now appears to be a hang-up regarding a possible transaction price, with the belief that Mondelez’s offer is falling short of Campbell Soup’s roughly $3 billion price expectation.
CNBC’s sources said it is common for there to be last-minute negotiations over price.
In addition to Mondelez, other companies that have been mentioned as possible suitors for the Arnott’s cookie and cracker brands include Ferrero Group, Kraft Heinz Co. and a couple consortiums backed by private equity firms. Ferrero’s interest in the business would appear to be on the backburner after the company last week agreed to acquire Kellogg’s cookie, fruit snack, pie crust and ice cream cone business for $1.3 billion.
By Eric Schroeder
Source: Food Business News
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