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| Unilever sells margarine business to KKR for £6bn | Unilever sells margarine business to KKR for £6bn |
| (about 4 hours later) | |
| Unilever has agreed to sell its margarine and spreads business, which include Flora and ProActiv, to private equity giant KKR for €6.8bn ($8bn; £6bn). | |
| The move follows a wide-ranging review of its business which was prompted by a takeover attempt by rival Kraft. | The move follows a wide-ranging review of its business which was prompted by a takeover attempt by rival Kraft. |
| Unilever said it would look for a buyer of the spreads business in April. | Unilever said it would look for a buyer of the spreads business in April. |
| At the time, it said the firm would step up its cost-cutting, aiming for a 20% margin by 2020. | At the time, it said the firm would step up its cost-cutting, aiming for a 20% margin by 2020. |
| It said the margarine business was a "declining segment" that could be "better managed by others". | It said the margarine business was a "declining segment" that could be "better managed by others". |
| As well as Flora and ProActiv, it also owns I Can't Believe It's Not Butter, and Bertorelli. | As well as Flora and ProActiv, it also owns I Can't Believe It's Not Butter, and Bertorelli. |
| Paul Polman, chief executive of Unilever, said: "The announcement today marks a further step in reshaping and sharpening our portfolio for long term growth. | Paul Polman, chief executive of Unilever, said: "The announcement today marks a further step in reshaping and sharpening our portfolio for long term growth. |
| "I am confident that under KKR's ownership, the spreads business, with its iconic brands, will be able to fulfil its full potential as well as societal responsibilities." | "I am confident that under KKR's ownership, the spreads business, with its iconic brands, will be able to fulfil its full potential as well as societal responsibilities." |
| Unilever's other household names include Persil, Domestos and Hellman's mayonnaise. | Unilever's other household names include Persil, Domestos and Hellman's mayonnaise. |
| It operates across more than 190 countries. | |
| The deal is expected to be completed in the middle of next year, and is subject to regulator approval in certain jurisdictions. | The deal is expected to be completed in the middle of next year, and is subject to regulator approval in certain jurisdictions. |