Home » Kraft acquires United Biscuits' Iberian operations, recovers Nabisco trademarks
Kraft acquires United Biscuits' Iberian operations, recovers Nabisco trademarks
Kraft Foods Inc. completed its acquisition of United Biscuits' (UB) Iberian operations, as well as the recovery of the rights to key Nabisco trademarks in Europe, the Middle East and Africa, including Oreo, Ritz and Chips Ahoy!.
"Bringing our Nabisco trademarks back into our product portfolio, coupled with the addition of strong local Iberian biscuit brands, is another step in increasing shareholder value as we further improve our growth potential in this key region," said Joachim Krawczyck, group vice president and president, Kraft EU region. "This transaction gives us an enhanced platform for innovation and extends Kraft's competitive position in the EU."
The acquisition, announced July 10, 2006, was valued at $1.1 billion, consisting of the assumption of $537 million of debt issued by the acquired business immediately prior to the acquisition, as well as $530 million of value for the redemption of Kraft's outstanding investment in UB, primarily deep discount securities. This redemption generates a non-cash, pre-tax gain of $251 million, or 10 cents per diluted share. The EPS impact, versus the previously disclosed 13 cents, reflects the finalization of income tax effects and currency movements.
PepsiCo Stock Hits 32-Year High, but Why?
Decent first quarter but also investment firms buys a big stake.
Happy Family Bought by Groupe Danone
Dannon parent acquires 92 percent of seven-year-old toddler food company.
Anuga 2013: A Taste of Global Innovations Set to Take Place October 5-9
The huge global food show will be October 5-9 in Cologne, Germany.
Vermont Passes Genetic Labeling Bill
The Vermont House of Representatives approved H.112 on May 10. The bill will go to the senate next in fall 2013. If passed, the earliest the act could become law is January 2014.
GMO Labeling Effort Reaches Washington
Senate and House bills would require the FDA to develop regulations for the labeling of food containing bioengineered ingredients.
Burger King CEO To Take Over at Heinz
Bernardo Hees of 3G Capital is new CEO of Pittsburgh acquisition.
The New Hostess Company Resumes Operations
The Metropolous-Apollo-controlled company plans to reopen four plants and hire workers, but not union labor.
- 04/19/2013 Cheesemaker, Restaurant Chain Hold Mac and Cheese Cookoff
- 04/19/2013 Restaurant Chain That Also Supplies School Lunches Goes Trans Fat-Free
$10 Billion Offer for D.E Master Blenders 1753
Former part of Sara Lee eyed by European fund Joh. A. Benckiser.
- All news »
Access Food Processing and Wellness Foods magazines on-line and receive an e-mail each month when your new issue is ready. Subscribe Now »
Biweekly updates delivering feature articles, top industry news, company news, product announcements, technical issues and more. Subscribe Now »