Ferrero interested in acquiring Campbell Soup’s international business

Italian manufacturer of branded chocolate and confectionery products Ferrero is reportedly interested in the acquisition of Campbell Soup’s international business, which includes its biscuit brand Arnott’s.

People familiar with the matter told Reuters that the Italian confectioner is in talks with the financial advisory firm Rothschild for a possible deal.

The deal could be worth more than $2bn.

Since August, Campbell began the process of divesting its Campbell International and Campbell Fresh business units as part of its portfolio review.

Campbell’s international biscuits and snacks segment includes Kelsen Group, as well as its operations in Indonesia, Malaysia, Hong Kong and Japan.

Campbell plans to reduce its debt significantly, and focus on Campbell Snacks and Campbell Meals and Beverages portfolio in North America.

In August, Campbell’s interim president and CEO Keith McLoughlin had said: “Campbell’s Board of Directors considered a full slate of strategic options, including optimising the portfolio, divesting businesses, splitting the company and pursuing a sale.

“The Board concluded that, at this time, the best path forward to drive shareholder value is to focus the company on two core businesses in the North American market with a proven consumer packaged goods business model. Importantly, the Board remains open and committed to evaluating all strategic options to enhance value in the future.”

Last month, Campbell reached an agreement to add two independent directors from Third Point to its board.

The $17bn hedge fund Third Point had been initially pushing for the sale of the company and later a complete overhaul of its board.