Tuesday, 16 October 2018

Former chief executive of Weetabix aims to clean up with £1bn Kleenex bid


 

A former chief executive of Weetabix is working with Goldman Sachs, the Wall Street banking giant, on a £1bn takeover bid for the consumer goods group behind the Andrex and Kleenex brands.
 
Sky News understands that Giles Turrell, is leading a joint bid by Goldman Sachs' private equity unit and the buyout firm PAI Partners for Kimberly-Clark's European tissue division.
 
 
The unit has been put up for sale by the New York-listed company as it seeks to reduce costs and dispose of less profitable businesses.


The joint Goldman-PAI bid is vying with Centerbridge, another investment firm, to buy the Kimberly-Clark assets, which are expected to fetch more than £800m.


Centerbridge's interest is said to be being spearheaded by Michael Teacher, a former boss of Ontext, another maker of hygiene products.




SKY      News.