A group of financial institutions has lodged a surprise takeover bid for Fox’s Biscuits, even as the industry faces pressure from rising commodity prices and growing consumer preference for healthier snacks.
Sky News has learnt that the mystery party which last month approached Fox’s owner, Boparan Holdings, was not a rival biscuit-maker but a consortium of City and Wall Street bondholders.
Speculation about the identity of the potential acquirer of Fox’s was triggered by a statement from Boparan to the Luxembourg stock exchange disclosing that it had received an approach to buy the business.
Fox’s had previously held talks with the owners of Burton’s Biscuits – the maker of Wagon Wheels – but had been unable to agree a deal.
Insiders said that a group of financial institutions were proposing to buy Fox’s through a new special purpose vehicle, although their identities were unclear on Wednesday.
Britain’s biscuit market has been undergoing significant change, with United Biscuits, the producer of McVities, taken over by Turkey’s Yildiz Holding just over two years ago.
The industry’s major players are facing pressure from changing consumer trends and inflationary factors which are driving up costs even as big retailers resist demands to absorb those higher costs.
Boparan is the corporate vehicle of Ranjit Boparan, the tycoon whose 2 Sisters Food Group is the UK’s largest poultry producer.
He has also overseen the purchase of a string of restaurant chains including Ed’s Easy Diner and Giraffe.
A spokesman for 2 Sisters declined to comment on Wednesday.
By Mark Kleinman
Source: Sky News
Danone has appointed three deputy CEOs to “better connect categories and regions” and drive the delivery of its ‘Renew Danone’ strategy. The new appointees are Veronique Penchienati-Bosetta, Shane Grant and Juergen Esser. They will report to Danone CEO Antoine de Saint-Affrique.
PepsiCo Portugal has announced that it will invest €7.5 million to construct a new biodigester, which will turn organic waste into biogas. As well as helping its Carregado facility to achieve a 30% reduction in carbon emissions, the biodigester will also contribute to reducing gas consumption, allowing the installation to use the biogas produced during the anaerobic digestion process.
Kerry is sponsoring The Kerry Upcycled Food Foundation Fellowship in a new partnership with the Upcycled Food Foundation (UFF), the non-profit subsidiary of the Upcycled Food Association (UFA). The research fellowship is the second initiated by the UFF and will work toward advancing the understanding of the market, consumer perception and technical opportunities of upcycled food.
