Food giant Nestlé has reportedly narrowed down the potential bidders for its troublesome peanut butter and yogurt business unit in China, Yinlu, which has been under review for some time.
China Resources Beer Holdings and Dali Foods Group are among suitors selected for the next round of bidding, according to Bloomberg, which cited sources with knowledge of the proceedings. Tingyi Cayman Islands Holding and FountainVest Partners have also been invited to participate in a deal that could be worth at least US$400m, the news agency reported.
Go deeper with GlobalData
Nestlé declined to comment when contacted by just-food, the same response encountered by Bloomberg, while the news agency had not received a reply from Dali Foods and China Resources Beer. Tingyi and FountainVest also declined to provide comment to Bloomberg, it said.
It is understood Nestlé hired JPMorgan Chase & Co. earlier in the year to oversee the sale of Yinlu after the world’s largest food company reportedly approached Dali Foods, along with Hangzhou Wahaha Group Co. and Uni-President China Holdings Ltd., as potential interested parties.
Nestlé has now called for binding bids to be submitted by the end of August, Bloomberg reported.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
