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
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.