Paradise In Talks with Kraft Heinz
In a statement released by the Independent Consumer Competition of the suggested take over bid, Paradise Company Limited has verified that they are in a dialogue with Kraft Heinz about obtaining Hugo Canning Limited.
This makes submission seeking clearance for Hugo Canning Company Ltd, a subsidiary of Kraft Heinz Group.
According to Paradise Company Ltd Group chief executive officer James Rice, the Independent Consumer and Competition Commission public notice was posted early and was published while discussions are going on.
But on behalf of the Board of Paradise Company, Anthony Smare, said that the firm is in discussions with the owner of Hugo Canning - which are subject to confidentiality.
“If Paradise is successful in this acquisition of Hugo Canning, it will be business as usual for Hugo Canning with the manufacturing site and staff unaffected,” he said.
Mr Smare said that the firm should make public communication in due course - should all agreements be finalised.
According to ICCC in the public notice which was recently issued, Hugo Canning will exit the Papua New Guinea market. ICCC further clarified that the clearance is a statutory process under the ICCC Act which lets a consultative and transparent assessment of such proposed business acquisitions.