March 29, 2019 / 12:48 PM / 5 months ago

Mondelez in advanced talks for Campbell's international business: Bloomberg

FILE PHOTO: A man looks at two paintings 'Coloured Campbell's soup can' from 1965 by late U.S. artist Andy Warhol (1928-1987) the Art Unlimited of the Art Basel art fair in Basel June 16, 2011. REUTERS/Arnd Wiegmann/File Photo

(Reuters) - Oreo cookies maker Mondelez International Inc is in advanced talks to buy international brands of U.S. food company Campbell Soup Co, Bloomberg reported late on Thursday.

Mondelez is negotiating final terms of purchase of the business, which includes Australian cookie brand Arnott’s and Danish baked snacks maker Kelsen Group, the report said, citing people familiar with the matter.

The report said the companies have been discussing a price of around $2.5 billion for the assets, but no final agreement has been reached, and talks could fall apart or another buyer could emerge.

Mondelez, Nutella maker Ferrero SpA and a consortium comprising private equity firms KKR & Co and Bain Capital LP were among the bidders for Campbell’s international business, according to a report earlier this month.

Sources told Reuters in December that Kraft Heinz Co too had made a bid.

Campbell’s international unit, along with its “fresh” business, was put up for sale in August after the company was pressured by investors to boost its profitability and stock performance.

The company last month said it expects to name buyers for the business by the end of its fiscal year in July.

Mondelez and Campbell declined to comment on the report.

Shares of both companies were little changed in early trading on Friday.

Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shinjini Ganguli and James Emmanuel

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