Swiss food manufacturing group Nestlé yesterday [Monday] confirmed it is interested in buying some of the food brands put on the market by compatriot pharmaceuticals group Novartis.
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Novartis put its health and functional food unit up for sale in February. The brands up for grabs include the Ovaltine beverage, the Isostar sports drink and health food and slimming procuts Cereal and Gerble.
“We have stated quite clearly that Ovaltine is clearly not a product that has any certain priority for Nestle. We have also said that if there was an interest it would be more in the area of the cereals and nutritional foods,” Nestlé spokesman Francois Perroud told Reuters.
It is believed that three bidders remain in the race to buy the unit, including private equity players Legal & General Ventures and Electra Partners as well as Nestlé.
Nestlé is also reported to be a frontrunner to buy US confectioner Hershey.
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