Ferrero SpA is interested in buying Campbell Soup Co’s international business, according to sources close to the story.
Reuters reports that Ferrero, with Rothschild advising, is working on a deal that could be worth as much as $2 billion.
Campbell started selling off its international and fresh refrigerated foods units in August after a strategic review of its whole business. It says the units put up for sale have been attracting strong interest.
The international business includes biscuit brand Arnott’s, Kelsen Group, and manufacturing operations in Indonesia and Malaysia, as well as businesses in Hong Kong and Japan.
Both Ferrero and Campbell declined to comment for the Reuters report.