Advertisement
Australia markets close in 3 hours 57 minutes

  • ALL ORDS

    7,845.80
    -91.70 (-1.16%)
     

  • ASX 200

    7,584.20
    -98.80 (-1.29%)
     

  • AUD/USD

    0.6532
    +0.0008 (+0.13%)
     

  • OIL

    83.78
    +0.21 (+0.25%)
     

  • GOLD

    2,344.60
    +2.10 (+0.09%)
     

  • Bitcoin AUD

    98,774.62
    +469.83 (+0.48%)
     

  • CMC Crypto 200

    1,390.56
    +7.99 (+0.58%)
     

  • AUD/EUR

    0.6086
    +0.0013 (+0.21%)
     

  • AUD/NZD

    1.0945
    -0.0013 (-0.11%)
     

  • NZX 50

    11,868.39
    -78.04 (-0.65%)
     

  • NASDAQ

    17,430.50
    -96.30 (-0.55%)
     

  • FTSE

    8,078.86
    +38.48 (+0.48%)
     

  • Dow Jones

    38,085.80
    -375.12 (-0.98%)
     

  • DAX

    17,917.28
    -171.42 (-0.95%)
     

  • Hang Seng

    17,535.56
    +251.02 (+1.45%)
     

  • NIKKEI 225

    37,790.55
    +162.07 (+0.43%)
     

Aussies’ favourite biscuit brand Arnott's, to sell for $3.14 billion

Lucy Dean
Updated
Arnott's biscuits. Image: AAP
Arnott's biscuits. Image: AAP

Australia’s largest biscuits brand, Arnott’s, will be sold for US$2.2 billion (AU$3.14 billion) to global firm KKR & Co after a lengthy auction.

Arnott’s owner, US company Campbell Soup Co has agreed to part with Arnott’s biscuits as part of the sale of its international arm, according to reports.

KKR had been bidding against Australia’s Pacific Equity Partners after Campbell Soup put its international arm up for sale in August 2018. Campbell Soup Co is expected to officially announce the sale next week.

Campbell Soup Co sold another asset, Denmark’s Kelsen Group to Ferrero for US$300 million in mid-July, with Campbell Soup Co saying the sale reaffirmed its strategy to focus on the USA market.

ADVERTISEMENT

“The sale of Kelsen Group supports our strategy to focus on North America where we have iconic brands and strong market positions, while reducing debt. Throughout the divestiture process, we have considered many options for our valuable international assets,” Mark Clouse, Campbell’s President and CEO, said at the time.

The sale comes just days after the company which owns iconic Australian beer brands including VB and Carlton Draught sold to Asahi for US$11.3 billion.

However, Campbell Soup Co told Yahoo Finance the sale is still ongoing.

Make your money work with Yahoo Finance’s daily newsletter. Sign up here and stay on top of the latest money, news and tech news.