Tags: Unilever | Ragu | sale | brands

Unilever Said to Seek Up to $2 Billion in Ragu Pasta-Sauce Sale

Monday, 03 Mar 2014 10:58 AM

Unilever has begun the process of seeking bidders for its Ragu pasta-sauce brand by hiring advisers and contacting potential acquirers, people familiar with the matter said.

The world’s second-biggest consumer-products maker has hired Morgan Stanley to sell the unit, one of the people said. Unilever last week contacted many of the companies that were approached when the company sold Wish-Bone dressings last year and expects to sell the brand for between $1.5 billion and $2 billion, two of the people said.

HJ Heinz Co., the ketchup maker acquired by Berkshire Hathaway Inc. and 3G Capital last year, is among the companies contacted, one of the people said.

Unilever spokeswoman Lucila Zambrano declined to comment on the sale, as did Michael Mullen, a spokesman for Heinz. Mary Claire Delaney, a spokeswoman for Morgan Stanley, didn’t immediately return a call seeking comment on the sale.

The Ragu sale is part of Unilever CEO Paul Polman’s ongoing pruning of food brands. The company sold the Ragu brand in the U.K. in 2011, and Skippy peanut butter and Wish-Bone last year. Polman said in December that the company would continue selling non-core assets this year. Unilever has raised more than $1.3 billion selling brands since the start of 2013.

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Unilever has begun the process of seeking bidders for its Ragu pasta-sauce brand by hiring advisers and contacting potential acquirers, people familiar with the matter said.
Unilever,Ragu,sale,brands
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2014-58-03
Monday, 03 Mar 2014 10:58 AM
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