British-based baked goods and snacks giant United Biscuits, producer of McVities, Carr’s, Jaffa Cakes, McCoy’s and Phileas Fogg, is rumoured to be next for the hammer, with UK news outlets reporting that a sale is under consideration. Owners, private equity firms Blackstone Group LP and PAI Partners, could net as much as 2 billion pounds (A$3.4 billion) for the sale of the company they purchased in 2006, for 1.6 billion. There is also speculation that the biscuit and snack divisions of... ...Read more »
The award-winning Transport Hotel, home to one of Melbourne’s best restaurants - Taxi, is set to be sold by owners the Sovereign Hotel Group. The Group announced their intention to sell today, with the Transport Hotel - including Taxi Dining Room and Transit Cocktail Lounge - and Feddish Bar and Restaurant all set to have new owners. “The decision to capitalise on this investment will strategically position Sovereign Hotel Group to develop further growth opportunities with other assets... ...Read more »
Wine firm Constellation Brands has announced the completion of the sale of its Gaymer Cider Company business to C&C Group PLC of Dublin. The ASX and NYSE-listed company sold their UK cider business for a purchase price of £45 million (A$80m). “The company expects to use the proceeds from the sale to reduce borrowings,” they said in a statement a week after reporting a four per cent drop in third quarter sales. Read More →
Proceeds from the sale of Nestlé’s remaining stake in Alcon to health-care giant Novartis are likely to be used for deleveraging, according to an industry analyst. The Swiss food giant announced overnight (Australian time) that pharmaceuticals group Novartis had exercised its call option to buy a 52% stake in Alcon for around US$28bn in cash. Novartis bought 25% of Alcon in April 2008 for $10.4bn and plans to buy the remaining 23% of the business, offering investors a 12% premium if they agree... ...Read more »
Sara Lee has announced a further step toward their plan to focus on food and beverage products with the sale of the air care business to consumer products giant Procter & Gamble. The binding offer of €320 million (A$524 million) was accepted earlier this month by Sara Lee as long as certain, unspecified conditions are met. In fiscal 2009, this business generated annual sales of approximately €260 million. “The proposed sale of our air care business is the next step in our plan to focus... ...Read more »
Lion Capital, a consumer-brands focussed private equity firm based in the UK, is looking to sell the Kettle Foods brand, according to reports. Reuters said sources close to the situation had informed them that Lion was looking for around US$700 million for the potato chip company. The private equity firm has reportedly enlisted the services of investment bank Rothschild to help sell Kettle, with PepsiCo’s Frito-Lay and pretzel maker Snyder’s listed by the Wall Street Journal as two of... ...Read more »
Goodman Fielder has announced the sale of its Commercial division edible fats and oils operations to Cargill for $240 million. The ASX-listed manufacturer announced they would proceed with a sale earlier this year as they look to focus on their consumer brands. The deal will enhance Cargill’s operations in Australia, which already include oilseed processing and further value adding, grain and oilseed merchandising, bulk handling, flour milling through its Allied Mills joint venture, and beef... ...Read more »
Foster’s today announced plans to transfer 13 Australian wine brands to a joint venture with Vok Beverages in line with their plans to overhaul their underperforming wine business. Vok Beverages will assume responsibility for the marketing, sales and management of the brands from 1 December 2009. Foster’s will continue to produce wine for the joint venture. The brands to be transferred to the joint venture are Queen Adelaide, Half Mile Creek, Minchinbury, Matthew Lang, Andrew Garrett,... ...Read more »
ASX-listed food manufacturer Goodman Fielder has this afternoon given an update on progress of the divestment of their commercial fats and oils business. The firm announced plans to sell the business earlier this year in the wake of a strategic review so that they could focus more heavily on their consumer brands, and has since sounded out offers from interested parties. “The company has undertaken a sale process, receiving a number of offers for the business,” they advised in a statement.... ...Read more »
Sara Lee has reported a binding bid of almost A$2.2 billion (€1.275 billion) from consumer products giant Unilever to acquire its global body care and European detergents businesses. Sara Lee announced plans to divest the business, which includes brands like Radox, earlier this year to allow for a heightened focus on their food divisions. They are still looking for a buyer on the remainder of their household care division. The proposed transaction, which is subject to customary closing conditions... ...Read more »