Heinz sells the chooks and keeps the sauces.

Australasian Business Intelligence, April, 2006

Apr 10, 2006 (The Sydney Morning Herald - ABIX via COMTEX) -- Australia's Pacific Equity Partners has paid around $NZ250m ($A209m) for New Zealand's Tegel Foods. The vendor of the Auckland-based poultry group was HJ Heinz, which is shifting its focus to consumer sauces. As a result, Heinz plans to divest its seafood and frozen food brands in the next year or so. The asset sales are likely to yield around $US1bn ($A1.37bn) for the international food group. Recent media reports have suggested that Publishing & Broadcasting's James Packer could invest in Heinz and become a director of the food giant.

Publication Date: 11 April 2006

PACIFIC EQUITY PARTNERS PTY LTD

TEGEL FOODS LIMITED

HJ HEINZ COMPANY

PUBLISHING AND BROADCASTING...

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