Mergers and Acquisitions Update: Kellogg & KKR BID for KP, Noble & Delek In Leviathan GROUP
Kellogg Company (NYSE:K) and KKR & Co. L.P. (NYSE:KKR) are among several companies submitting offers for United Biscuits’ KP snacks division, which could have a value of £500 million, according to Bloomberg. KP was spun off in the current year from United Biscuits’ owners, The Blackstone Group L.P. (NYSE:BX) and PAI Partners. Documents are supposed to be received this week.
Noble Energy, Inc. (NYSE:NBL) and Delek US Holdings, Inc. (NYSE:DK) have large interests in the consortium that develops the Leviathan natural gas field off Israel’s coast, and is considering bids from “leading international companies” to divest as much as 30 percent of the rights to the field. Leviathan holds estimated reserves of 17 trillion cubic feet of gas, and the group hopes to discover 600 million barrels of oil, as well.
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