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Mondelez ends pursuit of Campbell's Arnott's biscuit brand
Source CNBC News
Mondelez’s efforts to buy Campbell Soup’s iconic Australian Arnott’s biscuit brand have ended, people familiar with the matter told CNBC.
The two had been in a stalemate over
price, CNBC previously reported. Mondelez had submitted a final offer
for Campbell’s international snacking business, including Arnott’s,
below Campbell’s roughly $3-billion price expectation. Within the past few weeks, those talks have formally ended, the people said.
Valuation was a key issue in the dispute, the people said. Mondelez, which owns brands like Oreos, Belvita and Chips Ahoy, has been looking to expand its snack portfolio as millenials eat on-the-go. It is approaching deals cautiously though.