Reuters – The Chinese private equity firm Hony Capital is examining a bid for Britain’s United Biscuits Holdings Ltd and may be teaming up with a corporate buyer, Bloomberg reported on Wednesday.
Beijing-based Hony Capital, which manages more than $6.8 billion, has held informal talks with United Biscuits owners’ Blackstone Group and PAI Partners, the report said, citing unidentified sources said. It was not clear if Hony will proceed with an offer, it added.
Blackstone and PAI bought United Biscuits for more than 1.6 billion pounds ($2.6 billion) in 2006. In 2010 China’s Bright Food Group Co failed to buy United Biscuits, following which United Biscuits split its snacks and biscuits business.
United Biscuits, based in Hayes, England, was created in 1948 from the merger of two Scottish companies, McVitie & Price and MacFarlane Lang.
Officials with Hony Capital were not available for comment while officials at United Biscuits could not be reached for comment.Get your FREE trial or subscribe now to Buyouts to find new deal opportunities, super-charge your fundraising efforts and track top managers.