Hershey (NYSE:HSY) is expected to be among the companies submitting an initial bid for Nestle's (OTCPK:NSRGY, OTCPK:NSRGF) U.S. confectionery business, CNBC reports.
P-E firms including L Catterton, owner of Lemonheads maker Ferrara Candy, and Nutella owner Ferrero also could make introductory offers, according to the report.
Nestle's U.S. chocolate and candy business, which makes sweets including Butterfinger, Baby Ruth, Sno-Caps and Laffy Taffy, has annual revenues of 900M Swiss francs ($924M) and is expected to be valued at $2B-$2.5B in a sale.
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