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Pladis, the owner of Godiva chocolate and McVitie's biscuits, has decided not to bid for Nestle's (NESN.S) U.S. confectionery assets, preferring to pursue a more upmarket strategy. Chief Executive Cem Karakas had earlier told Reuters the Turkish-owned company was looking at the U.S. portfolio Nestle put on the block in June, which includes regional mass-market brands such as Butterfinger, Crunch and 100 Grand and could be valued at around $2 billion. Late on Friday, Karakas said Pladis, which is owned by Turkey's Yildiz Holding, had decided to pass.
The death of Liliane Bettencourt has placed a question mark over the decadeslong ties between L’Oréal and Nestlé, two of the world’s largest consumer-goods companies.
Nestle recently announced that it acquired a majority stake in popular premium coffee chain Blue Bottle Coffee. While Blue Bottle's store count is currently insignificant relative to Starbucks, the acquisition of a significant stake by Nestle could potentially lead to faster expansion.