Unilever has finally sold its spreads business

Shares in Unilever finished 1.3 per cent higher after it said it had finally sold its global spreads business for €6.8bn (£5.1bn).

The company said it had agreed a deal with KKR to buy the business, which includes Flora, I Can’t Believe It’s Not Butter and Stork.

KKR are thought to have beat CVC Capital Partners and Apollo Global to buy the business, which has been on the block for several months.

“In April of this year we set out our 2020 programme to accelerate sustainable value creation,” said Paul Polman, Unilever’s chief executive.

“After a long history in Unilever we decided that the future of the spreads business would lie outside the group.

“The announcement today marks a further step in reshaping and sharpening our portfolio for long term growth. The consideration recognises the market leading brands and the improved momentum we have achieved. I am confident that under KKR’s ownership, the spreads business with its iconic brands will be able to fulfil its full potential as well as societal responsibilities.”