Ferrero still in race for Arnott's

As the deadline for submission of bids approaches, Ferrero is vying with Mondelez and a consortium comprising US-based private equity firms KKR and Bain Capital for the acquisition of Australia’s Arnott’s Biscuits, owned by Campbell.

Image credits: Ferrero

As reported in the Australian Financial Review, binding offers from the bidders left in the race are due by 20 March.

Arnott’s has annual revenue of more than €600 million and total assets estimated at around AUD 2 billion.

The deal is expected to be worth €2.6 billion.