| British American Tobacco | Reynolds American (57.8% stake) | USA | $60.6bn60.6 | BAT bought the 57.8% stake it did not already own in Reynolds for a reported $60.6bn in July last year. The takeover of the Camel cigarette manufacturer provided BAT with greater access to the US market at a time when it was already making gains in high-growth emerging markets. The move was described as “transformational” at the time and has propelled BAT sales growth as a result. |
| Campbell Soup Co | Snyder’s-Lance | USA | $6.0bn6 | The US soup manufacturer bought Kettle Chips and Metcalfe’s Skinny owner Snyder’s-Lance for $6bn shortly before Christmas. The move highlighted Campbell’s desire to expand its exposure to the faster-growing snacking market, with its core soup sales in decline. Campbell’s baked snacks portfolio and Snyder’s-Lance’s stable of brands, which includes Kettle Chips and Pop Secret popcorn, gave Campbell a snacking arm with revenues of around $4.7bn. |
| Reckitt Benckiser | Mead Johnson & Company | USA | $17.8bn17.8 | In addition to shedding its US food division last year, consumer healthcare giant RB expanded its reach in the baby milk sector with its $17.8bn acquisition of baby formula company Mead Johnson Nutrition in June 2016. The Enfamil manufacturer was valued at $16.6bn, with another $1.2bn of net debt on top. The move was designed to strengthen the Strepsils owner in developing markets, particularly China, where Mead Johnson boasts sales of more than $1bn. |
| Tyson Foods | AdvancePierre Foods | USA | $4.1bn4.1 | The US meat giant bought ready meal maker AdvancePierre Foods for $4.1bn, including debt. Ohio-based AdvancePierre makes ready to eat burgers and cold cut sandwiches for supermarkets, schools and convenience stores. The acquisition bolstered Tyson’s presence selling prepared meat-based food, adding to its lunch meat and hotdog company Hillshire Brands. The deal is expected to generate cost synergies of $200m over the next three years. |
| Unilever | Carver Korea Co (95%) | South Korea | $2.5bn2.5 | Unilever moved into the South Korean skincare market with its $2.5bn purchase of personal care group Carver Korea last September. The skincare business, which produces toners, moisturisers, face masks and skin protection, was bought from Bain Capital and Goldman Sachs, and is one of the larger of several on-trend companies to be snapped up by Unilever in 2017, including Tazo Tea Company, Pukka Herbs and Sir Kensington’s condiments. |
