Chinese set to eat up United Biscuits deal

first_img Tags: NULL Chinese set to eat up United Biscuits deal whatsapp whatsapp Share Show Comments ▼center_img KCS-content by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To MCVITIES manufacturer, United Biscuits (UB) is in talks with one of China’s largest food groups about a possible takeover that could value the British company at almost £2.5bn. The Shanghai-based foods group Bright Food yesterday confirmed that it was in talks with UB to pen a deal that would potentially hand the Chinese group a large chunk of the British food industry.If the two agree a deal, Bright Food will acquire UB, which is also behind brands such as Hula Hoops, McCoys and Twiglets, from private equity owners Blackstone and PAI.It is understood that Bright Food has turned to Rothschild for financial advice.UB was put up for sale in July after Blackstone and PAI hired Goldman Sachs and JP Morgan to prepare for an auction of the business. The two bought the food company in 2006 for £1.6bn.Already a number of bidders have expressed interest in UB, including New Jersey-based Campbell’s.In August, Campbell’s, which manufactures canned soup and pasta sauces, emerged as a lead bidder for UB. The US company, however, was just interested in UB’s biscuits business and not its snacks operation.Food giants Kraft, Kellogg’s and PepsiCo were also thought to be interested in UB, as well as India’s Britannia. UB, which was founded in 1948, last year saw profits rise by 13.4 per cent to £223.4m. It has annual revenues of £1.3bn and net debt of £1.2bn.Bright Food, meanwhile, last year generated roughly £200m in profits on sales that reached £4.3bn. Its brands include Big White Rabbit candy and Shikumen yellow wine.Despite the fact it is already foreign owned, a possible deal with Bright Food is likely to spark concern over the future of UB’s British employees and could trigger interest from the interventionist Vince Cable.FAST FACTS | UNITED BISCUITS● Profits reached £223.4m last year.● Sales reached £1.26bn last year.● Net debt reached £1.2bn last year.● Manufactures: McVities, Jaffa Cakes, McCoys, Twiglets, Hula Hoops and Phileas Fogg. Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily Proof Sunday 26 September 2010 10:47 pmlast_img

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