French Bonduelle, which sells frozen and canned vegetables, wants to acquire its American competitor Green Giant. The move is meant to strengthen the French company's position in North America.
23 % of Bonduelle's turnover, which reached 1.9 billion euro last year, comes from North America already. Alongside Centerview Partners' private equity branch, it now plans a bid on Green Giant, several sources tell Reuters.
It may have to face several other interested parties though, as Green Giant is an interesting catch for more than one competitor. It is therefore not sure a take-over is on the cards, but it would make sense for Bonduelle to win out as it already supplies Green Giant's Canadian operations.
American General Mills approached the Rothschild bank in March to investigate the possible sale of Green Giant, a brand that generated a 700 million dollar turnover (640 million euro) last year.