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Monday, November 3, 2014

Turkey's Yildiz buys United Biscuits as pursues global quest, (NYSE: BX)

Turkey's largest food group Yildiz Holding has bought UK-based cookies and snacks maker United Biscuits, in a deal it said made it the world's third-biggest biscuit maker and would help it expand into new markets.The acquisition of the maker of McVitie's biscuits, Jaffa Cakes and Jacob's crackers is the third and largest by the Turkish group in recent years as it strives to become a global name.United Biscuits' private equity owners Blackstone Group and PAI Partners confirmed they had agreed the sale and said the deal was expected to close shortly."We want to grow United Biscuits to be a global player as part of Yildiz," said Murat Ulker, chairman of Yildiz Holding.

The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX fell by 0.37% or $-0.11/share to $30.01. In the past year, the shares have traded as low as $25.60 and as high as $36.08. On average, 4781010 shares of BX exchange hands on a given day and today's volume is recorded at 2499064.