Private equity firms Carlyle Group and CVC Asia Pacific are currently among those bidding for Pure Foods, the cured meats subsidiary of Filipino food and beverage conglomerate San Miguel, according to Reuters.
Neither CVC nor Carlyle responded to requests for comment by press time.
Another Philippines-based company, food maker Universal Robina, is also reportedly bidding for a stake in Pure Foods. Sources speaking to the wire service put the total value of the company at around $2 billion.
San Miguel Corporation is the largest publicly listed food and beverage company in the Philippines. It announced plans to sell a 49 percent stake in Pure Foods in July last year, however, potential buyers were advised to wait as bankers speculated that San Miguel could end up selling the entire stake of the company, Reuters said.
This would mark yet another bidding war to take place between the two global firms this year. In May, CVC and Kohlberg Kravis Roberts (KKR) pitted itself against a consortium consisting of TPG Capital, The Carlyle Group and The Blackstone Group for control of Australian hospital operator Healthscope. CVC eventually pulled out of its partnership with KKR and the bidding for the hospital operator continues.