Kraft Foods has moved closer in its bid to buy Groupe Danone’s biscuits business for EUR5.3bn (US$7.6bn).
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The agreement between the two firms, first announced in July, has been finalised after Danone wrapped up its consultations with employees at its biscuits operations.
Regulatory authorities in France, the US and at EU level have to approve the deal before it is formally complete but both companies said they expect the acquisition to go through by the end of the year.
Earlier this month, the European Commission postponed its ruling on the deal pending further investigation into the possible effects on competition in the sector.
Danone’s biscuit business includes the LU and Petit Dejeuner brands, although Kraft is not to buy the French firm’s interests in Latin America and India.
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