Danone in talks to sell biscuit unit to rival
Afp, Paris
French group Danone, whose LU cookies have accompanied the snacks of generations of French children, said Tuesday it was in exclusive talks with US rival Kraft Foods about the sale of its biscuit unit for 5.3 billion euros (7.2 billion dollars).Danone confirmed reports that it had received an offer from Kraft for operations that generated annual sales of about 2.0 billion euros from 20 countries. In addition to LU cookies, Danone also markets the Prince and Tuc brands. The Danone statement said the deal under consideration does not include the company's interests in the Bagley biscuit business in Latin America nor Britannia in India. Kraft's biscuit division includes Oreo cookies and Ritz crackers.
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