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DJ United Biscuits Owners Chose Banks For GBP2Bln Auction--FT

DOW JONES NEWSWIRES

LONDON (Dow Jones)--Blackstone Group L.P. (BX) and PAI Partners, the private-equity owners of United Biscuits, have appointed J.P. Morgan Chase & Co. (JPM) and Goldman Sachs Group Inc. (GS) to run a GBP2 billion auction for the company, the Financial Times reported Saturday, citing people familiar with the situation.

Blackstone and PAI bought the snack company, which makes well-known brands such as McVitie's, Jacob's, KP, and Mini Cheddars, in 2006 for around GBP1.6 billion.

The newspaper said the pair are now considering dividing the group in two, snacks and biscuits, in order to attract more bidders.

The Financial Times added that the private-equity duo has identified a number of likely trade buyers for United Biscuits including emerging Indian and Chinese companies that are looking to acquire well-known brands.

Newspaper Web site: www.ft.com

-London Bureau, Dow Jones Newswires; +44 (0)20 7842 9269



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July 31, 2010 05:30 ET (09:30 GMT) Copyright (c) 2010 Dow Jones & Company, Inc.