AUSTRALIA: Dick Smith “distraught” as Snack Foods goes into foreign hands
Dick Smith, the owner of Dick Smith Foods, the Australian food manufacturer that prides itself on keeping profits within Australia, has expressed his disappointment at the news that the company's main savoury biscuit supplier, Snack Foods, looks set to go into foreign hands. Snack Foods is being bought by Arnott's, a subsidiary of US food manufacturing giant Campbell Soup. Arnott's made a A$258m (US$148.6m) bid for Snack Foods earlier this week (click here for further details), and the bid was endorsed by the Snack Foods board and its biggest shareholder, billionaire Richard Pratt.
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