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Deal stopped for Hungarian confectionery

09-Jul-2002

US food group Kraft Foods said on Wednesday that its proposed acquisition of German confectionery maker Stollwerck's Hungarian business has been called off.

The agreement to purchase Stollwerck's Russian and Polish confectionery businesses was agreed on 31 December 2001 following regulatory approval in the respective countries. At that time, Kraft said it expected to complete the Hungarian portion of the deal in the first quarter.

A Kraft spokesman on Wednesday said that "a number of complex issues" had emerged which had led to the decision on both sides to call off the transaction.

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