By Judgefloro [CC BY-SA 4.0] via Wikimedia Commons
According to reports, the sale of the spreads division of Unilever that is amounting to over £6bn is fast approaching as bidders prepare their formal offers.
Citing City bankers, the Sunday Times reported that the financial advisers of the consumer goods giant had arranged a deadline of early this week for the final offers.
The spreads unit of the FTSE 100 firm includes I Can’t Believe It’s Not Butter, Stork, and Flora.
US firms KKR and Apollo Global, and CVC Capital Partners are thought to be preparing bids after advancing to the last stage of the auction process.
The sale of the said unit was launched following a hostile takeover approach by the US-based Kraft Heinz. After the failed takeover attempt, Unilever unveiled a shake-up which included demerging or selling the company’s spreads division.
The growth of the firm has been struck by challenging conditions which include natural disasters and changes in consumer preferences this year.
Last month, Unilever that it would preserve its stock market listing in London as it simplifies the company’s corporate structure. However, it delayed any announcement on the possible relocation of the company’s headquarters until the political situation calms down.
Unilever, KKR, and CVC Capital Partners did not immediately answer to requests for comment while Apollo Global refused to comment on the matter.