US: Kraft tight-lipped over Post cereals "sale"
Kraft Foods has refused to be drawn on reports that it is looking for a buyer for its Post cereals business.
The US food group has been reported to be mulling the sale of the unit, which produces brands including Grape Nuts and Shredded Wheat.
The Wall Street Journal has reported that Kraft has sent financial data on the Post business to potential bidders.
However, Kraft stayed silent. "We do not comment on rumours or speculation," a spokesperson told just-food today (16 August).
One industry analyst flagged the possible sale of the Post business last month. Alexia Howard, an analyst at US bank Sanford C. Bernstein said Kraft could look to sell parts of its business in which it lags behind industry rivals.
"If I were in Irene's (Kraft CEO Irene Rosenfeld) shoes, I'd look at the areas in which Kraft does not have a competitive advantage," Howard told just-food.
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