Ferrero Near Deal to Buy Nestle's U.S. Chocolate Unit
- Nestle selling Butterfinger, Baby Ruth brands as sales lag
- Swiss giant focusing on coffee, pet food, healthier fare
Photographer: Andrey Rudakov/Bloomberg
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Italian Nutella maker Ferrero SpA is nearing a deal to acquire Nestle SA’s U.S. confectionery business for about $2.8 billion, according to a person familiar with the matter.
An agreement could be signed as early as Sunday, the person said, asking not to be identified as the information is private. The business, which includes the Butterfinger and Baby Ruth brands, is suffering a decline in revenue and had sales of about 900 million francs ($915 million) in 2016.