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Singapore Fund and KKR Linked To Unilever Spreads Bid

A state-backed Singaporean fund, GIC, is said to teaming up with KKR to potentially make a bid for Unilever's spreads business, according to Sky News.

This is the latest group that has been linked to an acquisition of the business, which produces brands such as Flora and I Can't Believe It's Not Butter.

Earlier this month it was reported that Blackstone and CVC Capital Partners were seeking approval from Unilever to lodge a joint £6 billion bid for the business.

This follows from another consortium, comprised of Clayton Dubilier & Rice and Bain Capital, which is reportedly also eyeing the operation.

Exiting Spreads

Last month, Unilever reported an increase in turnover in the first half of the year, but said that its focus going forward would be on cost-cutting and restructuring measures.

'Following our strategic review earlier this year, we announced that we would be accelerating savings programmes and being more active in the development of our portfolio, including exiting from our spreads business,' the company said.

In April, Unilever confirmed its intention to either sell or demerge its spreads business.

© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.

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