US: Kraft completes acquisition of UB’s Iberian businesses
Kraft Foods yesterday (6 September) completed the acquisition of United Biscuits' Iberian operations, including the recovery of the rights to Nabisco trademarks in Europe, the Middle East and Africa. The deal sees important brands, including Oreo, Ritz and Chips Ahoy! returned to Kraft's portfolio.
"Bringing our Nabisco trademarks back into our product portfolio, coupled with the addition of strong local Iberian biscuit brands, is another step in increasing shareholder value as we further improve our growth potential in this key region," said Joachim Krawczyck, group vice president & president, Kraft EU region. "This transaction gives us an enhanced platform for innovation and extends Kraft's competitive position in the EU."
The acquisition, which had been announced on 10 July, was valued at US$1.067bn and included $537m of debt and $530m to redeem Kraft's outstanding stake in UB, primarily deep discount securities. This redemption creates a non-cash pre-tax gain of $251m, or ten cents per diluted share.
Companies: United Biscuits
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