United Biscuits sales cost pounds 35m
Thursday 09 January 1997
The maker of McVitie's cookies and KP snacks also said business over the Christmas period was satisfactory and that its 1996 profit would be as anticipated at the time of the interim results.
The company is retrenching to focus on its main UK markets after posting big losses overseas in recent years.
It has already sold its Ross frozen vegetable business and its Keebler cracker and cookie operation.
"These steps represent a very considerable tidying up and strengthening of our business portfolio and balance sheet," said Eric Nicoli, group chief executive. "We now have a healthy balance of progressive established businesses and interests in emerging markets and we have a solid platform for further growth."
United Biscuits said its latest disposals were a 60 per cent stake in ICA, an Italian snack food producer, an 84 per cent interest in S&A, a Portuguese snack business, and a 46 per cent stake in Aguia, a Brazilian cookie maker.
It also said it closed its Gyori Snacks unit in Hungary and would shed its 30 per cent stake in Kargida, a Turkish snacks business.
Alex Leohnis, an analyst at UBS, described the moves as "tidying up" and said much of the disposals had been well flagged. On the trading statement, he said: "There has been very little they have said over the past year and a half that hasn't been as expected."
He said the group had been at pains over the past year or so to prove that it was a stable ship.
- 1 Christmas comes early to Hong Kong, as millions of bank notes spill out onto busy street
- 2 The 'Black Museum': After 150 years, public can visit police’s grisly crime museum
- 3 British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
- 4 Vagina canoe artist facing two years in jail defends herself over ‘obscenity’ charges
- 5 The Queen’s speech 2014: Recap and Twitter reaction to Game of Thrones reference
PlayStation and Xbox hacked by Lizard Squad
Antonio Martin shooting: Black teenager may have tried to ambush patrolman, says police officer's lawyer
Katie Hopkins speaks out on childhood obesity: 'Parents of fat children should be prosecuted for child cruelty'
Boxing Day snowfall could push even more bargain-hunters online for Christmas sales
The 'Black Museum': After 150 years, public can visit police’s grisly crime museum
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Rozanne Duncan: Ukip expels councillor for 'jaw-dropping' comments made in BBC TV interview
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
BBC director Danny Cohen: Rising UK antisemitism makes me feel more uncomfortable than ever
Alex Salmond has 'broken his word to the Scottish people' says Scottish Lib Dem leader
iJobs Money & Business
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...
£43500 per annum + pension + holidays: The Jenrick Group: Night Shift Operatio...
£20000 - £25000 per annum + OTE £40,000 + Car + Pension: SThree: SThree are a ...
£20000 - £25000 per annum + OTE £35K: SThree: We consistently strive to be the...