Advertisement
U.S. markets close in 2 hours 26 minutes
  • S&P 500

    5,250.00
    +1.51 (+0.03%)
     
  • Dow 30

    39,758.64
    -1.44 (-0.00%)
     
  • Nasdaq

    16,373.11
    -26.41 (-0.16%)
     
  • Russell 2000

    2,125.57
    +11.22 (+0.53%)
     
  • Crude Oil

    82.73
    +1.38 (+1.70%)
     
  • Gold

    2,239.00
    +26.30 (+1.19%)
     
  • Silver

    24.92
    +0.17 (+0.68%)
     
  • EUR/USD

    1.0800
    -0.0029 (-0.27%)
     
  • 10-Yr Bond

    4.2020
    +0.0060 (+0.14%)
     
  • GBP/USD

    1.2627
    -0.0011 (-0.09%)
     
  • USD/JPY

    151.3600
    +0.1140 (+0.08%)
     
  • Bitcoin USD

    70,643.46
    +1,561.12 (+2.26%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • FTSE 100

    7,952.62
    +20.64 (+0.26%)
     
  • Nikkei 225

    40,168.07
    -594.66 (-1.46%)
     

Italy's Lavazza has exclusive rights to consider Carte Noire buy

MILAN, Feb 24 (Reuters) - Italy's Lavazza has exclusive rights to consider the potential acquisition of premium coffee brand Carte Noire from U.S.-based Mondelez International , the coffee maker told Reuters on Tuesday.

Carte Noire is the world's tenth-biggest coffee brand with 1.3 percent of the retail market.

The purchase of the European businesses of Carte Noire would increase the critical mass of Lavazza, the world's No. 7 coffee maker, and avoid it being swallowed up by bigger rivals.

"Lavazza has put aside cash for acquisitions and now is looking closely at the possibility to buy Carte Noire," a source close to the matter said.

Mondelez said on Monday it was putting the premium coffee brand on sale, instead of smaller brands L'Or and Grand Mere, to soothe European competition concerns about a planned merger with D.E. Master Blenders 1753.

Lavazza retains exclusive rights to consider the new option proposed to the EU Antritrust, said a spokesman at Mondelez International.

The value of these Carte Noire businesses is estimated to be larger than the sum of l'Or and Grand Mere.

Lavazza previously offered more than 600 million euros ($679 million) for L'Or and Grand Mere together and was raising cash for the acquisition.

But it had to change its target after the EU Commission told Mondelez International and D.E. Master Blenders the disposal was not enough to approve their merger.

Mondelez said it was ready to sell its Carte Noire in-home Roast & Ground, filter pads and Nespresso compatible capsule businesses in Europe to win EU antitrust regulator's approval.

($1 = 0.8836 euros) (Reporting by Francesca Landini, editing by Stephen Jewkes)

Advertisement