United Biscuits Snack Unit May Not Be Good Fit For Kellogg

摘要

US food group Kellogg and German snack producer Intersnacknhave been cited as possible bidders for the salty-snack division ofnUnited Biscuits, which has been put up for sale by its private equitynowners. According to a Financial Times report, the two groups werensaid to be considering a bid, while the unit, which is estimated to benworth around GBP500mn, is also said to have drawn wide interestnfrom private equity owners. Given Kellogg’s push into the saltysnacknsector with the purchase of Pringles, we have previouslynstated that the firm is a possible bidder. However, the unit’s limitedninternational exposure could encourage Kellogg to instead choosento focus on other international targets that could more easily furthernits aim of deriving a greater proportion of its revenues from fastgrowingnemerging markets (see chart, above right