According to a Bloomberg news report, Italian Nutella maker Ferrero is close to finalizing the acquisition of Nestle SA’s U.S. confectionery business. The sale could come as early as this Sunday and is worth about $2.8 billion, according to an unidentified source who is close to the situation.
The confectionery unit is losing revenue and had sales of about $915 million in 2016.
Ferrero is not known for engaging in acquisitions. The company is expanding its portfolio beyond its highly valued Nutella, Tic Tac and Ferrero Rocher brands.
Nestle is the world’s largest food company, and this move represents CEO Mark Schneider’s first major divestment.
Both companies declined to comment.
Read the Bloomberg story here .