Ferrero SpA is interested in buying Campbell Soup Co’s international business, which includes biscuit brand Arnott’s, two sources close to the matter said on Monday.
The Italian group based in the Piedmont region is working on a possible deal with Rothschild as advisers, one of the sources said, confirming an earlier report by Italian daily Il Sole 24 Ore. According to the newspaper, the deal could be worth more than $2 billion.
Campbell started the process of selling its international and fresh refrigerated-foods units in August following a strategic review, joining the likes of other packaged food makers such as Kraft Heinz Co and Kellogg Co who have also been offloading some brands.
Campbell recently settled a months-long proxy battle with billionaire Daniel Loeb’s hedge fund Third Point LLC, which had pressured the company to sell itself.
The company said last month, the units which were put up for sale have attracted strong interest from potential buyers.
Campbell’s international biscuits and snacks operating segment also include Kelsen Group, along with the company’s manufacturing operations in Indonesia, Malaysia and its businesses in Hong Kong and Japan.
Ferrero, which also makes Kinder brand chocolates and Tic Tac, declined to comment, while a Campbell spokesman said the company does not comment on rumors and speculation.
By Francesca Landini and Aishwarya Venugopal
Source: Reuters
Consumer healthcare firm Haleon has appointed Tate & Lyle executive Dawn Allen as its new chief financial officer, effective 1 November 2024. Allen will succeed Tobias Hestler, who has decided to step down from the role, citing a long-term health condition, the company said.
The group said that the bottling line, which adds 6,500 square metres to the existing 60,700-square-metre site, is the next necessary stage in the company’s international development. The leading brand in Campari Group’s global sales, demand for the Italian bitter apéritif has grown by 500% in the last decade.
The partnership will see Coca-Cola adopt new technology to foster innovation and productivity globally. Through the deal, Coca-Cola has made a $1.1 billion commitment to the Microsoft Cloud and its generative AI capabilities.
