Confectionery maker Ferrero has bought Burton’s Biscuits, which makes Viscounts, Wagon Wheels and Jammie Dodgers, for 360 million pounds, the Guardian reported on Tuesday. The family-owned Italian group has been a keen acquirer of British sweet brands, like Fox’s biscuits and chocolatier Thorntons, and in 2018 snapped up Nestlé’s (NESN.S) U.S. candy business for $2.8 billion. Burton’s made sales of more than 275 million pounds last year, implying an enterprise value of 1.3 times 2020 sales. That’s cheap compared to Mondelez (MDLZ.O), which trades at 4 times trailing sales, according to Refinitiv. Stagnant sales might explain this: annual revenue was 340 million pounds when Canadian pension fund Ontario Teachers’ Pension Plan bought the company in 2013. Ferrero may be well poised for more bargains as listed groups like Nestlé are under pressure to divest unhealthy foods. Since Ferrero can shrug off the moralising of public investors, the bigger threat is anti-sugar regulation. (By Dasha Afanasieva) On Twitter http://twitter.com/breakingviews Capital Calls - More concise insights on global finance: Macau’s eager gamblers offer glimpse of the future read more IPOs give new meaning to Down Under read more Blackstone crashes its own hotel party read more Greensill burns U.S. coal boss read more Generali does some timely pandemic shopping read more