Turkish food giant Yildiz buys United Biscuits for £2bn
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.
“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.”
Source: cityam-Turkish food giant Yildiz buys United Biscuits for £2bn
