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Kraft wins EU conditional approval to buy Danone biscuits division

The US food company Kraft won on Friday conditional approval from the European Union to buy biscuits and snacks division of France’s Danone.

The European Commission, the EU’s antitrust competition office, gave green light to the proposed deal after Kraft agreed to sell off a range of Spanish biscuit brands, a plant in Spain and a Hungarian chocolate bar brand. “In view of the remedies offered, I am satisfied that competition will remain vigorous after the merger and consumers of biscuits and chocolate will continue to benefit from choice and competitive prices,” said EU Competition Commissioner Neelie Kroes. Kraft is active worldwide in the manufacture and sale of packaged foods and beverages, in particular snacks, beverages, cheese, chocolate confectionery and biscuits.

The commission had previously been concerned that the proposed acquisition could affect competition in a few member states where both companies sell biscuits and chocolate confectionery. The deal, worth $7.8 billion was expected to be completed by the end of this year. (xinhuanet)