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Nutella maker Ferrero in race to buy Campbell’s international business: sources

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According to Reuters, two sources who are closed to the matter reported on Monday to it that Ferrero SpA in now interested in purchasing the international business of Campbell Soup Company.

This international business according to the sources includes Arnott which is a biscuit brand.

With the Rothschild as advisors, the Piedmont region based Italian group is currently working on a possible deal as was stated by one of the sources to the Reuters.

This was in confirmation to an earlier report by the Italian daily Sole 24 Ore which was reported earlier according to Reuters.

Source: Reuters

According to the reporting of the newspaper, this possible deal could be having the worth of $2 billion or more.

Following the reviews of a strategist, Campbell started with the process of selling off of its units of international as well as fresh refrigerated foods in the month of August.

By doing so it joined other packaged food makers like Kraft Heinz Co as well as Kellogg Co. these two have been offloading some of its brands.

Recently Campbell had settled a proxy battle which was months long. The battle was with Third Point LLc which is a billionaire hedge fund of Daniel Loeb. The battle has pressured the company to sell itself.

Source: Img.resized

The international biscuits and snacks operating segment of Campbell also include Kelsen Group.

This is along with the manufacturing operations of the company in Indonesia as well as Malaysia and its businesses are in Hong Kong and Japan.

According to Reuters, Ferrero declined the requests to comment. It is a brand which makes Kinder brand chocolates as well as Tic Tac.

Reuters further reported that to the requests of commenting, a spokesperson of Campbell stated that company does not comment on rumors as well as speculations.

Source: Reuters, USA News

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