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
Carlsberg has announced the departure of its chief financial officer (CFO), Heine Dalsgaard, after six years in the position. In a statement, Carlsberg said that Dalsgaard was resigning from the post to take up the role of CFO at a private equity-backed company in a different industry.
Kellogg will split into three independent companies to focus on the snack business, Reuters reported Tuesday. The snacking portfolio will comprise the main business, while the North America cereal unit and the plant-based business will be spun off. The company is also considering a sale of the plant-based business.
The snacks giant says the acquisition will help build on its commitment to “lead the future of snacking” in key geographies worldwide. Once the transaction is completed, Mondelēz will continue to operate the Clif Bar business from its headquarters in Emeryville, California. The snack giant will also continue to manufacture Clif Bars’ products, which include Clif Bar, Luna and Clif Kid, at its facilities in Idaho and Indiana.
