Mondelez International, known from Oreo and Côte d’Or among others, is the most important candidate to buy Campbell’s international biscuit brands.
Pressure from shareholders
Mondelez is negotiating the final terms of the purchase of Australian Arnott’s Biscuits and Danish butter cookie producer Kelsen Group. Both companies are currently part of Campbell’s. The sale would amount to around 2.5 billion dollars (2.2 billion euros).
Campbell’s is going through difficult times. Last year, former CEO Denise Morrison abruptly resigned. Daniel Loeb’s activist hedge fund, Third Point, took a stake of 300 million dollars (267 million euros) in the company. Partly under pressure from Loeb, Campbell’s announced that it was planning to sell its international activities.
Arnott’s Biscuits started in 1865 as a bakery north of Sydney. It is the maker of Tim Tam cookies and the largest player on the Australian cookie market. Kelsen Group owns the Royal Dansk and Kjeldens brands.
No definitive deal has yet been concluded, but according to insiders, one is close to an agreement. Previously, Ferrero (Nutella) and a consortium led by investment company KKR had also expressed their interest.
