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
In the lead-up to the world-famous Oktoberfest – which celebrates Bavarian tradition, beer and the festival spirit – Munich was already buzzing with activity by the time the doors opened to Drinktec 2022 on 12-16 September. The atmosphere was lively, with approximately 50,000 visitors from 169 countries in attendance.
Unilever has announced CEO Alan Jope’s decision to retire from the company at the end of 2023, after five years at the helm. The announcement comes less than a year after a failed attempt by Unilever to buy GlaxoSmithKline’s consumer healthcare business and just months after activist investor Nelson Peltz joined the company’s board.
Lakeland Dairies has announced that Colin Kelly will assume the role of group CEO following the retirement of Michael Hanley at the end of the year. Kelly will take up the position in January 2023, while Hanley will step down in December this year.
