In Sweet Deal Nestle Sells US Candy Biz to Ferrero for $2.8B
Ferrero Rocher
Nestle is selling its U.S. candy business to  Italian company Ferrero  for $2.8 billion in cash as the Swiss food giant shakes up its product portfolio.
 Ferrero   known for  its  Tic Tac  Nutella  and  Ferrero Rocher  brands  but which has traditionally preferred organic growth to acquisitions  will now be picking up Crunch  Butterfinger  and Baby Ruth from Nestle  AFP reported.
The sale will make  Ferrero  the third-largest confectionary company in the U.S. market.
According to media reports   Ferrero  competed with major chocolate manufacturer Hershey and private funds  including Rhone Capital  to secure the deal.
 Executive chairman Giovanni Ferrero  said that after the acquisition the Ferrero Group "will have substantially greater scale  a broader offering of high-quality products to customers..." in the United States  the world's largest confectionary market.
Nestle is selling its U.S. candy business to  Italian company Ferrero  for $2.8 billion in cash as the Swiss food giant shakes up its product portfolio.
 Ferrero   known for  its  Tic Tac  Nutella  and   [TGT]   brands  but which has traditionally preferred organic growth to acquisitions  will now be picking up Crunch  Butterfinger  and Baby Ruth from Nestle  AFP reported.
The sale will make  Ferrero  the third-largest confectionary company in the U.S. market.
According to media reports   Ferrero  competed with major chocolate manufacturer Hershey and private funds  including Rhone Capital  to secure the deal.
 Executive chairman Giovanni Ferrero  said that after the acquisition the Ferrero Group "will have substantially greater scale  a broader offering of high-quality products to customers..." in the United States  the world's largest confectionary market.