Mon, 28 May 2012 | DIVISION SALE
United Biscuits is to place its salty snack foods division on the shelf, ready for a sale with a potential price tag of £500 million, reflecting its estimated worth.
A formal sale process is to commence in September, with Credit Suisse brought in to stimulate appetite amongst possible buyers.
Various private equity outfits are expected to be interested as well as breakfast foods maker Kellogg and Intersnack, the leading producer of savoury snacks in Europe behind snacks including Monster Munch crisps and Penn State pretzels, the Financial Times reported.
It is understood that talks with potential buyers are not as yet underway, and it is expected that there will be two rounds of bidding in the auction process.
United Biscuits owners US private equity firm Blackstone and France-based PAI Partners have been working to separate the salty snack division from the larger sweet biscuits business.
A sale of the business behind the McVities brand however, which made the cake for the royal wedding last year, will not be looked into until at least 2013.
A break-up of United Biscuits has been mooted for some time now and would follow in the footsteps of its overseas larger rival Kraft, which is in the process of splitting to become a global snacks firm and a North American grocery company.
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