Kellogg’s could be taking the biscuit (quite literally) after reportedly appointing advisers to assess a £2bn offer for snacks firm United Biscuits.
Kellogg’s was working with investment bankers from Barclays on a possible takeover of the British brand, Sky news has reported. Its private equity owners Blackstone Group LP and PAI partners have also reportedly been working on public listings for the sale of the company.
With Kellogg’s cereal sales having fallen in the US for five quarters in a row now, no doubt the cornflake sellers are hoping to increase their share in the snack isle (they already own Keebler cookies and Pop Tarts).
However Kellogg is not the first company to have been eyeing up United Biscuits: in January Chinese private equity firm Hony Capital was also said to be considering making an offer.
A United Biscuits spokesman said that they do not comment on speculation.