Bestfood baking buyout on track

- Last updated on GMT

The U.S. Justice Department said on Monday it approved Canadian
food processor George Weston Ltd.'s purchase of Unilever NV's
Bestfoods Baking Co.

The U.S. Justice Department said on Monday it approved Canadian food processor George Weston Ltd.'s purchase of Unilever NV's Bestfoods Baking Co. after the company agreed to transfer to third parties certain licenses to market and produce Sunbeam brand bread products. The companies agreed to transfer exclusive licenses in Philadelphia, southern New Jersey and parts of upstate New York to address concerns that the combined company would reduce competition for fresh commercially packaged sliced white bread in those areas, the department said. "This divestiture will ensure that consumers will continue to receive the benefits of competition - lower prices for white bread, a staple for many American families,"​ said Charles James, assistant attorney general for the antitrust division. Weston will retain its existing Sunbeam licenses in other parts of Pennsylvania and New York, the department said. The licenses will be transferred to third parties who already hold Sunbeam licenses in other areas. In February, Weston announced it would buy Bestfoods for $1.77 billion.

Related topics: Market Trends

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