Premier Foods drops plans to sell dessert brand Ambrosia

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(Reuters) - Mr Kipling cakes maker Premier Foods Plc said it has dropped plans to sell its dessert brand Ambrosia brand, citing a difficult business climate that could have dented the deal value.

"The Board has concluded that in the present business climate the process will not result in a satisfactory financial outcome. As a result, these discussions have now concluded," Premier Foods said in a statement.

The Oxo-cube maker said a number of parties had expressed interest in the business. It said in November that talks to sell Ambrosia, which accounts for under 10 percent of its total revenue, were in early stages and that it expected strong demand for the brand.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Arun Koyyur)

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