Sweden-based confectioners Cloetta and Leaf International have completed their merger, which will create a company generating annual sales of SEK5.7bn (US$843.5m).
The new group, which will keep the name Cloetta, will manufacture brands including Kexchokolad in Scandinavia, Sportlife in the Netherlands and Sperlari in Italy.
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Investors in Cloetta will hold 42.4% of the combined company. Leaf’s shareholders, the private-equity groups CVC and Nordic Capital, will hold the remaining 57.6%.
Leaf CEO Bengt Baron has been named as CEO and president of the new company. Cloetta chief executive Curt Petri will retire after over 20 years at the business and its predecessor Cloetta Fazer.
For analysis of the deal, which was announced in December, click here.
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