The demerger of Cloetta Fazer has entered its final stages with Finnish group Fazer announcing its offer to shareholders in the Nordic confectioner.

In June, the two main shareholders in Cloetta Fazer - Oy Karl Fazer and AB Malfors Promotor - announced they were to split the company in two.

Today (5 December), Fazer formally announced its offer of SEK202 (US$24.42) and 0.92 shares to shareholders in Cloetta Fazer, now to be renamed Fazer Konfektyr.

Once conditions for the delisting have been met, Fazer said it intends to take measures to delist the shares in Fazer Konfektyr. Upon completion of the demerger Fazer will not hold any Cloetta shares, a spokesperson for the group told just-food

"Sweden is Fazer's second home market," said Fazer's CEO Karsten Slotte. "We have a strong foothold among Swedish consumers and conduct operations throughout the country. Aside from developing Fazer's very important confectionery brands under our own management, we are investing ambitiously in our Swedish bakery business and are also a major player in the meal services market here."

Fazer has established the new Fazer Confectionery division to take over responsibility for the Fazer brands. The Cloetta-related activities previously conducted within Cloetta Fazer will continue in new Cloetta, which is estimated to commence trading on 8 December.

Following the division, Cloetta Fazer's managing director and CEO Jesper Åberg has been appointed as managing director of Fazer Konfektyr. The Finnish subsidiary's operations will continue under the supervision of current managing director Tom Lindblad, while Sirkku Erlandsson has been appointed managing director of Fazer Konfektyr's Swedish subsidiary.