UBS sells chocolate for €7.5bn ($8.3bn) to US and UK consumers
UBS (NYSE: UBS) has sold its stake in the world’s biggest chocolate company, Altria, for €6.7bn to US-based American company Cadbury.
The company said the deal gives it a bigger stake in UBS than ever before and it will now own around 1.4 million shares in Altria in total.
The sale brings UBS to the top of the global market for chocolate, which is dominated by US giants Hershey and Mondelez International.
The new owners of the UK’s largest chocolate maker also own 1.1 million shares of Cadbury chocolate in total, the company said.
The deal, the biggest ever for an American chocolate company in Europe, is likely to have boosted UBS’s share price by as much as 20%, and boosted its share price in the US.