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Monday, November 3, 2014

Turkey's Yildiz Holding plans to buy United Biscuits, (NYSE: BX)

Turkey's Yildiz Holding said on Monday it had acquired UK-based cookies and snacks maker United Biscuits, in a move it said made it the world's third-biggest biscuit maker and would help it expand to new markets. Yildiz, a food and beverages maker which owns Ulker Biskuvi , said in a statement that it had beaten breakfast cereal maker Kellogg Co and Ontario Teachers' Pension Plan, which bought Burton's Biscuit last year, in the United deal. It gave no financial details.Yildiz had said in September that it was interested in investing in Jaffa cakes maker United Biscuits, owned by private equity firms Blackstone Group and PAI Partners.

The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX traded higher by 1.43% or $0.43/share to $30.55. 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 602438.