Far East beer brewer's biscuit bid for Britain's Jaffa Cakes maker
THE Far East company behind San Miguel beer is lining up a solo takeover bid for the British maker of Jaffa Cakes and Penguin biscuits.
Philippines conglomerate San Miguel Corporation said it did not need a partner on the proposed offer for United Biscuits (UB).
Owned by private equity firms Blackstone Group and PAI Partners, UB's brands also include McVitie's Digestives, Rich Tea, Mini Cheddars and Twiglets.
US cereal giant Kellogg's and food group Kraft are among those also tipped as potential bidders for UB
Blackstone and PAI have been working on plans for a sale or a stock market listing by the end of the year, with the City predicting a price tag of about £2billion.
San Miguel's insistence that it can go it alone follows speculation that its debt levels would require it to make a joint offer but it will be bolstered by this week's agreement to sell its stake in Philippine Airlines for £610million.
Founded in 1830, UB is the UK's biggest biscuit company and sells its products in 100 countries. Its owners have hired investment banks Goldman Sachs and JP Morgan to work on the sale or flotation.
US cereal giant Kellogg's and food group Kraft are among those also tipped as potential bidders for UB.
