KEY POINTS:
Graeme Hart has capped off an epic year of wheeling and dealing by selling his Bluebird snack business to US food and drinks giant Pepsico for $245 million.
Pepsico has one of the world's biggest salty-snack food businesses in Frito-lay, but has never had a presence in New
Zealand. It was tipped this year as a likely contender to take Bluebird.
In 2003, when Hart was taking over Goodman Fielder, a partnership between Pepsico and Pacific Equity Partners was regarded as his most serious rival bidder.
The sale, due to be completed by January 4, completes the break-up of Burns Philp - the venerable Australian food company which Hart bought into in 1997 and paid $1.5 billion to gain complete control of last month.
The price tag is in line with market expectations, so it will not alter calculations of Hart's wealth, but it does add to the growing cash pile he and his Rank Group team have available to make more acquisitions.
The NBR Rich List put his fortune at $2.75 billion in July.
As usual, the media-shy Hart was not available yesterday.
In May, Burns Philp's Uncle Toby brand was sold to Nestle for about $1.1 billion.
That and the float of the Goodman Fielder business last year gave Burns Philp $2.9 billion, net of debt.
Analysts say he has enough equity to raise money for acquisitions worth more than $12 billion.
And that is not counting the unknown level of equity he now has in Carter Holt Harvey.
Hart took over and delisted the forest products company in March, paying about $3.3 billion.
It is not known what level of debt he took on.
He has since sold most of the group's forests to American firm Hancock for about $1.5 billion.
Last year, Bluebird bought Krispa and Aztec from Hansells NZ - then owned by Gary Lane.
Speculation has now turned to Hart's next acquisition.
He is understood to have looked at Australian packaging company Amcor, but has not made a move towards buying it.
Market commentators say the frenzy of private equity in Australia has pushed prices higher than Hart is interested in paying.
BUYING, SELLING
* March: After paying more than $3.3 billion, Hart gains full control of Carter Holt Harvey.
* May: Burns Philp sells Uncle Toby's business to Nestle for $1.1 billion.
* August: Hart makes full takeover bid for Burns Philp.
* October: CHH buys nine ITM hardware stores. CHH sells forest assets for $1.5 billion, and buys a mill in Pine Bluff, Arkansas, and other beverage packaging plants from International Paper for between US$500 million and US$600 million.
* November: Hart gains full control of Burns Philp.
* Yesterday: Sells Bluebird for $245 million.
