Tim Tam owner Arnotts at centre of takeover reports

Tim Tam owner Arnott's at centre of takeover reports

Campbell Soup Co. has insisted the process to offload its international business continues despite reports a deal has been agreed.

The Australian Financial Review today (24 July) reported private-equity firm KKR had struck a deal to buy Australia-based snacks business Arnott's

Meanwhile, Reuters quoted a spokesperson for New York-based KKR as confirming an offer for the Arnott's biscuits assets had been accepted by Campbell late yesterday.

Nevertheless, no statement has emerged from either KKR or Campbell throughout today.

Approached by just-food, KKR did not respond for a request for comment.

A spokesperson for Campbell said: "The process to divest Arnott's and the rest of our international operations is ongoing. We do not comment on rumour and speculation."

Campbell's international assets, which included Arnott's and the Denmark-based snacks business Kelsen Group, were put up for sale in the autumn of last year and attracted interest from a number of buyers. Talks with US snacking giant Mondelez International to purchase those operations ended in June due to conflicts over the price, with various reports circulating that Campbell was asking for $2.5bn to $3bn.

However, earlier this month, Campbell agreed a deal with an affiliate of Italian confectioner Ferrero - Belgian holding company CTH - for the Kelsen operations.