Mondelez To Offload Philadelphia Cream Cheese As Part Of Wider Grocery Brands Sell-Off

Mondelez International is to offload the Philadelphia cream cheese brand as part of a wider £3bn sell-off of its grocery brands.

The snacks business has informed bidders that the brands will go up for sale next month, according to The Sunday Times. American banks JPMorgan and Goldman Sachs have been brought in to help with the sale of the division, which while has performed well for Mondelez, particularly the Philadelphia brand, is deemed surplus to requirements.

Rights to Philadelphia are owned by Kraft, which Mondelez was spun off from in 2012 and then merged with Heinz last year. Heinz has an option to buy back the European rights to the cream cheese, though there is reportedly a long list of other suitors should it choose not to.

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