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Article: Nestle asset' sell off may support Garoto' acquisition.
- Article from:
- South American Business Information
- Article date:
- September 4, 2003
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Brazil, Sep 4, 2003 (Gazeta Mercantil/SABI via COMTEX)
The Swedish multinational Nestle has sold off its cocoa processing plant based at Itabuna (Bahia state) to the Asian group Petra Foods, which takes over the unit as of October. The operation might be part of Nestle' strategy aimed at conquering the approval of the Brazilian Administrative Council for Economic Defense Cade (Conselho Administrativo de Defesa Economica) for the acquisition of Chocolates Garoto. However the company denies the information, affirming such plant does not represent its core business. Garoto' acquisition was announced in February 2002, for R$565.8mil. Nestle' main rival is Kraft ...