H.J. Heinz Co.'s Heinz Australia unit has made a $288 million offer to acquire Golden Circle Ltd., one of Australia's best-known fruit juice makers.
"This is a win-win for both Golden Circle and Heinz," said Heinz Australia in a statement. "This proposed acquisition brings together two of the best known and most respected food brands in Australia."
Golden Circle was founded in 1947 and has about 1,000 personnel working at two factories. The company is recognized as one of Australia's top 15 brands.
The Golden Circle board already has unanimously recommended the Heinz Australia proposal and is expected to vote its shares in favor of the deal on Nov. 14. The deal is subject to shareholder and regulatory approvals.
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