According to the Wall Street Journal, Nestlé is in talks to acquire a majority stake in Canada’s Champion Petfoods for more than US$2 billion.
Nestlé is in talks to acquire a majority stake in the specialty maker of cat and dog food from the closely held company’s owners including Toronto buyout firm Bedford Capital. The talks, however, could still break down before a deal is completed.
Nestlé’s interest in Champion comes about a year after the company first disclosed a far-reaching plan to revive its stock price by investing in areas such as pet care, bottled water and coffee, amid pressure from US activist investor Daniel Loeb. Since then, the company has made several acquisitions. That includes its US$7 billion acquisition of the rights to offer Starbucks Corp’s coffee and tea in grocery and retail stores.
Full Content: The Wall Street Journal
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