US-based private-equity house KKR has reportedly drawn up a non-binding offer for one of Unilever’s businesses in Australia.
The Australian Financial Review said KKR, which last month struck a deal to acquire assets from Campbell Soup Co. centred on Australia, has put together the bid for Unilever’s Continental Soup operation.
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The business publication has reported KKR as having hired banking and legal advisers to help the buy-out house on the move ahead of a deadline set for last week.
Unilever has launched a strategic review of its assets in Australia and New Zealand, the newspaper said.
The Continental Foods business sells a range including soups, sauces, stocks and other culinary products.
Approached by just-food, a spokesperson for KKR said: “We aren’t able to comment on market speculation.”
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By GlobalDataOfficials representing Unilever locally had not returned a request for comment at the time of publication.
In July, The Australian Financial Review reported the news KKR was set to buy the Australia-centred Campbell assets. The deal was officially confirmed a week later.
As part of that transaction, KKR acquired Campbell’s local soup and stock business, as well as other assets including snacks brand Arnott’s.
In December 2017, KKR agreed a deal to buy Unilever’s international spreads business for EUR6.83bn (then US$8.04bn). The transaction was completed in July the following year.
