By Martin Vedris

SUNSHINE, VIC: The two Australian brand icons could do a lot worse than merging — that’s the opinion of G.U.D. Holdings Limited managing director, Ian Campbell, following the news of his company’s 20 per cent share acquisition of Breville group on Friday.

"Subject to regulatory approval, it would make a lot of sense for the shareholders of both companies,” said Ian Campbell.

The comment followed the report that G.U.D. Holdings, the parent company of Sunbeam, acquired nearly 20 per cent of Breville Group’s shares on Friday. The purchase saw the shares of both companies increase on Friday — G.U.D’s shares rose 2 per cent to a high of $6.23, while Breville Group’s shares jumped 12.5 per cent to a high of $0.85.

Campbell explained that the share purchase was not a planned strategic move but an opportunistic one with a US investment company, Harbinger Capital Partners, selling the shares. And Campbell said G.U.D. Holdings had the cash to buy them.

Current.com.au contacted Breville Group for a comment but did not receive a reply prior to publishing this news.