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Italy's Newlat Food has offered bid for Britain's Hovis - source

Sun, 4th Oct 2020 16:33

MILAN, Oct 4 (Reuters) - Italy's Newlat Food has
presented a preliminary, non-binding offer to buy Hovis, the
134-year-old British bread maker, a source with knowledge of the
matter said on Sunday.

Hovis has also attracted the interest of private equity and
turnaround funds, Sky News said on Friday, citing the potential
involvement of Newlat.

The Italian group is ready to spend as much as 100 million
pounds ($130 million) for the bread maker, which is owned by
Premier Foods and The Gores Group, the source told said.

The acquisition of Hovis would allow Newlat Food to increase
its annual turnover to 1 billion euros, reaching ahead of time a
goal set when it listed in October 2019.

It would also give more international exposure to the
Milan-listed group, which is already active in Germany.

The Parma-based group - which has recently acquired Italian
dairy company Centrale del Latte d'Italia - has a portfolio of
many different brands, including Delverde pasta.

It also manufactures Buitoni products under a licensing deal
with Nestle.
(Reporting by Francesca Landini
Editing by Raissa Kasolowsky)

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