Heinz has bought HP Foods from Danone for £470m, the group has announced.

Heinz said that the agreement includes the HP and Lea & Perrins brands and a perpetual license to market Amoy Asian sauces and products in Europe.

The brands have approximately $300m in worldwide annual sales, Heinz added.

Heinz chairman, president and chief executive officer, William R Johnson, said: "The acquisition of these brands is consistent with our strategy to drive growth in our profitable and expanding core condiments and sauces category."

The acquisition is expected to close during the next few months, pending regualtory approval.

Danone bought HP Foods in 1998 from the Hanson conglomerate in 1988.

Premier Foods, Associated Foods, US spice company McCormick, RHM and Lion Capital had also expressed interest in the group.

Last month Heinz said that it was reviewing its $1bn European frozen and seafoods businesses in a bid to drive more profitable and sustained growth through focusing on core categories.

The review covers top brands such as John West as well as Heinz’s involvement with licensed brands such as Aunt Bessie’s and Linda McCartney.

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