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Turkish food giant Yildiz buys maker of Jaffa Cakes, Hobnobs and Digestives for £2bn

July 13, 2021

first_img Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndozenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comUndoThe No Cost Solar ProgramGet Paid To Install Solar + Tesla Battery For No Cost At Install and Save Thousands.The No Cost Solar ProgramUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoNational Penny For Seniors7 Discounts Seniors Only Get If They AskNational Penny For SeniorsUndoMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekUndoEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity MirrorUndoPost FunKate & Meghan Are Very Different Mothers, These Photos Prove ItPost FunUndoBlood Pressure Solution4 Worst Blood Pressure MedsBlood Pressure SolutionUndo whatsapp Share Turkish food and drinks giant Yildiz won the bidding war for United Biscuits yesterday, offering more than £2bn for the firm and beating off stiff competition from Kellogg’s and Burton’s Biscuits. United makes iconic brands including Jaffa Cakes, Twiglets and McVitie’s Biscuits. The deal is the biggest ever foreign acquisition by a Turkish firm, and represents another milestone in the emerging economic giant’s move onto the world stage. Yildiz’s boss Murat Ulker expressed his joy at the deal, tweeting: “United Biscuits is our new star.” The firm said it plans to keep the current management and invest more to grow its UK and European operations, but has not made any specific promises to protect jobs. United Biscuits’ British footprint includes sites in Harlesden in north west London, Liverpool, Carlisle and County Durham. It has 16 factories across Europe, including seven in Britain. “We want to grow United Biscuits to be a global player as part of Yildiz,” said Ulker. “This will include enhancing its position in the UK, where Yildiz currently has minimal presence, so we will continue to invest in the UK and Europe.” Private equity firms Blackstone and PAI Partners bought United Biscuits in 2006 in a deal valued at £1.7bn. Since then they have made changes including selling off KP Snacks for £500m in 2012. “United Biscuits is a great business and has been an excellent investment for us,” said Blackstone’s Lionel Assant. “Yildiz is the best home for the company and will allow UB to fulfil its international growth ambitions.” Other bidders Kellogg’s and Burton’s Biscuits are believed to have been out-bid for United Biscuits. Had Kellogg’s won, it is thought that the firm would have sought to find synergies and efficiencies with its existing sites. And Burton’s could have had to make some concessions on competition grounds, as it already owns UK brands including Jammie Dodgers, Wagon Wheels and Maryland cookies. By contrast Yildiz has almost no pre-existing  UK footprint, and sees the acquisition as its big entry into western Europe. The firm is already a big player in North America, the Middle East, China and Japan. Floating the stock on the markets was also considered, but choppy conditions and unpredictable investor sentiment meant the private equity owners could get a better price from Yildiz. Tags: NULL whatsappcenter_img Tim Wallace Monday 3 November 2014 9:17 pm Show Comments ▼ More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.com Turkish food giant Yildiz buys maker of Jaffa Cakes, Hobnobs and Digestives for £2bn last_img

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