Cadbury owner Mondelez said to be looking to offload brands in Europe

Mondelez International, the American food giant that owns Cadbury, is reportedly looking to offload a number of confectionery products in Europe and the UK.

According to Sky News, Mondelez has hired bankers to explore a sale of a number of confectionery products, including Terry’s Chocolate Orange and Terry’s All Gold.

Although the portfolio being earmarked for sale is made up primarily of brands in France, it also includes assets in Spain and the Netherlands, people familiar with the matter told Sky.

The sale is said to be being handled by Lazard, the investment bank which led Kraft's £11.5bn takeover of Cadbury.

It was unclear how much the Terry's range is worth, but Nasdaq-listed Mondelez is understood to have decided that the brand is not core to its business.

Previously part of Kraft Foods, Terry's moved to the ownership of Mondelez when its former parent split into two separately traded public companies in 2012.