Mondelez to buy Cadbury Biscuits License from Burton's
August 12 2016 - 8:46AM
Dow Jones News
By Brittney Laryea
Snack maker Mondelez International Inc. agreed to buy the global
license for Cadbury-branded biscuits from Burton's Biscuit Co.
The companies didn't disclose the terms of the transaction
Friday, but media reports in the U.K. last month valued the deal at
about GBP200 million. The deal allows Mondelez to make, market and
sell Cadbury-branded biscuits world-wide.
Under a co-manufacturing agreement, Burton's factories will
continue to make the Cadbury-branded biscuits.
News of the Cadbury deal comes after Hershey Co. rejected of
Mondelez's roughly $23 million takeover bid.
Shares of Mondelez, which makes snack foods and powdered drinks
under brands such as Oreo, LU and Nabisco, have lost 3.8% over the
past three months.
Write to Brittney Laryea at brittney.laryea@wsj.com
(END) Dow Jones Newswires
August 12, 2016 09:31 ET (13:31 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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