Campbell Soup finds buyer for P.N.G. operations
June 13, 2007
by Eric Schroeder
CAMDEN, N.J. — Campbell Soup Co. announced its wholly-owned subsidiary, Arnott’s Ltd., has completed the sale of its Papua New Guinea (P.N.G.) operations to two P.N.G. government pension funds. The Arnott’s business includes a range of biscuit, cereal and noodle products under such brands as Paradise, Morobeen, Arrow and Gold Nuggets.
The move comes after the P.N.G. pension funds exercised their pre-emptive rights to purchase the Arnott’s P.N.G. shares. The pension funds were minority shareholders in the P.N.G. operations.
Before the pre-emptive rights exercise, Campbell in February announced that Arnott’s had entered into a sale agreement with Goodman Fielder, Australia’s largest publicly-owned food company, to purchase its P.N.G. operations.
Financial terms were not disclosed.