by Christopher Freeburn | March 3, 2014 12:09 pm
[1]Sources tell Bloomberg that Unilever (UL[2]) has put its Ragu pasta sauce brand up for sale[3].
UL has reportedly retained Morgan Stanley (MS[4]) to advise it on the sale of Ragu, which is expected to bring UL between $1.5 billion and $2 billion. UL has reached out to a number of possible suitors for Ragu, including Kraft Foods (KRFT[5]), Berkshire Hathaway’s (BRK.A[6], BRK.B[7]) HJ Heinz and Pinnacle Foods (PF[8]).
Under CEO Paul Polman, UL has been moving to reduce its number of food brands. Last year, UL sold its Wish-Bone salad dressing business[9] to Pinnacle Foods for $580 million.
UL shares fell about 2% in Monday mid-day trading, in a market moving sharply downward due to rising international tensions over the crisis in Ukraine. UL stock has risen less than 2% over the past 12 months.
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