Del Monte Pacific takes bite at US canned food unit

Del Monte Pacific's acquisition expands the company's footprint in the US and South America.

Del Monte Pacific has agreed to buy the US canned food business of Del Monte Foods - a separate entity - from funds affiliated with KKR, Vestar Capital and Centreview Partners for nearly $1.7 billion.

Singapore-listed Del Monte Pacific's move to take a bite at the US canned food business was welcomed by investors, with the stock rising nearly 10% on Friday.

The deal will open up new markets - in the US and South America - to Del Monte Pacific, which is led by the Campos family in the Philippines.

Del Monte Pacific currently only has the rights to distribute Del Monte...

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