Ex-Weetabix chief aims to clean up with £1bn Kleenex bid

A former chief executive of Weetabix is working with Goldman Sachs (NYSE: GS-PB - news) , the Wall Street banking giant, on a £1bn takeover bid for the consumer goods group behind the Andrex and Kleenex brands.

Sky News understands that Giles Turrell, is leading a joint bid by Goldman Sachs' private equity unit and the buyout firm PAI Partners for Kimberly-Clark's European tissue division.

The unit has been put up for sale by the New York-listed company as it seeks to reduce costs and dispose of less profitable businesses.

The joint Goldman-PAI bid is vying with Centerbridge, another investment firm, to buy the Kimberly-Clark assets, which are expected to fetch more than £800m.

Centerbridge's interest is said to be being spearheaded by Michael Teacher, a former boss of Ontext, another maker of hygiene products.

The Andrex brand is one of the most familiar consumer goods names in Britain, which is largely the legacy of decades of advertising featuring golden retriever puppies.

Mr Turrell's involvement follows the takeover of Weetabix by Post Holdings (Frankfurt: A1JS25 - news) of the US last year, since when he has stepped back from an executive role at the breakfast cereal producer.

He is also a former Kimberly-Clark executive, having run its European consumer business until 2011.

Goldman and Centerbridge declined to comment.