Cadbury owner looking to sell Terry's brand: Sky News
(Reuters) - Mondelez International Inc (MDLZ.O: Quote), the owner of the Cadbury chocolate brand, has hired bankers to explore the sale of a number of confectionery products including Terry's Chocolate Orange and Terry's All Gold, Sky News reported.
The portfolio for sale includes products and assets in the United Kingdom, France, Spain and the Netherlands, Sky News reported, citing people familiar with the process. (bit.ly/1RiWU5y)
Mondelez has decided that the Terry's brand is not core to its business, according to the report.
Kraft bought Terry's, which traces its roots back to the 18th century, in 1993. Production was moved from York to Europe in 2005.
Terry's popular Chocolate Orange and All Gold chocolates were created during the company's heyday in the 1920s and 1930s.
The sale is being handled by Lazard, the investment bank that led Kraft's takeover of Cadbury in 2010, Sky News said.
A Mondelez spokeswoman declined to comment.
Kraft Foods bought Cadbury for 11.7 billion pounds to create the world's top confectioner.
Kraft Foods split its snacks and grocery businesses in 2012. The Terry's brand was folded into the snacks business, which became Mondelez International.
(Reporting by Subrat Patnaik in Bengaluru; Editing by Shounak Dasgupta)
© Thomson Reuters 2017 All rights reserved.