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)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.