San Miguel Corp, the Philippines' most diversified conglomerate, said it was planning a solo bid for British snacks maker United Biscuits (IPO-UNI.L), owner of brands such as Jaffa Cakes and Twiglets.The potential acquisition is a positive move given San Miguel's expertise in its traditional food and brewery businesses, though analyst say they are worried about the group's high debt levels."No need for partner," San Miguel President Ramon Ang said in a mobile text-message to Reuters on Friday when asked if the group was considering a joint bid with other firms.United Biscuits' private equity owners, Blackstone Group and PAI Partners, have been working on plans for a sale or a public share listing by the end of the year. The auction for United Biscuits is reported to be worth 2 billion pounds ($3.25 billion).
The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX traded higher by 0.18% or $0.06/share to $32.57. In the past year, the shares have traded as low as $22.76 and as high as $36.08. On average, 4273290 shares of BX exchange hands on a given day and today's volume is recorded at 4085145.
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