Nestle acquire the Australian cereal and snack company Uncle Tobys

Nestle SA, Vevey, has agreed to buy the Uncle Tobys cereal, soups and nutritious snacks brand from Burns Philp for €523.2 m to expand its range of healthier foods in Australia. The sale price is 11.3 times Uncle Tobys 2005 EBITDA of €46 m, Nestle said. Uncle Tobys cereal unit will become part of Cereal Partners Worldwide, Nestle s breakfast food joint venture with General Mills.