Birds Eye Bids for Findus Italy

Birds Eye Iglo will go ahead with the final round of the £660m ($1bn) bidding war for Unilever’s Italian frozen food assets.

The company is likely to face competition from Lion Capital, which owns the Findus Group along with Young’s and The Seafood Company.

Last year Findus Italy had earnings before tax and depreciation of around £74m ($112m).

Findus Italy is Unilever’s only remaining frozen food asset after it sold its Birds Eye division to Permira in 2006 for £1.2bn ($1.8bn).