Premier Foods to Acquire Campbell Soup's UK and Ireland business
Premier Foods was preparing a 400 million share issue as it nears a deal to buy the business operation.
11/07/06 Earlier this year, Campbell Soup Co. announced that it is selling its British and Irish dry soup, sauces and stock cubes business. On May 2, Britain’s Premier Foods announced that it is buying the operation.
Premier Foods was preparing a 400 million share issue as it nears a deal to buy the business operation, reported by The Sunday Times.
According to the report, Premier Foods Chief Executive Robert Schofield asked Merrill Lynch to arrange the fund raising, adding that a deal valuing the Campbell business at around 450 million pounds ($830.1 million) could be secured this week.
"There can be no assurance that these discussions will lead to a transaction," Premier Foods stated.
However, a Campbell spokesman refused to comment on what parties it was in talks with regarding the business sale.
Premier Foods shares were unchanged at 311-1/2 pence, at 1452 GMT, valuing the company at 772 million pounds.
