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
Cargill will appoint Brian Sikes as its president and chief executive officer on 1 January 2023. The soon-to-be CEO, currently holding the chief operating officer title, has worked at Cargill for 31 years. Dave MacLennan, who has served as Cargill’s CEO since 2013, will assume the role of executive chair of the company’s board of directors.
Comforting colors, feel-good flavors, and unique food and beverage experiences will resonate most with consumers in the new year, according to ADM’s latest Flavor and Color Outlook. ADM anticipates that 2023 will be the year of self-expression, and the company identified four trends that are sure to stand out.
Nestlé’s Nespresso brand will pilot home-compostable coffee capsules on the Nespresso Original system in France and Switzerland from spring 2023 before further launches in several other European countries within a year. The paper-based capsules are touted as a breakthrough in packaging technology after three years of R&D.
