VEVEY (dpa-AFX) - Nestle SA (NSRGY.PK, NSTR.L) has selected JPMorgan Chase & Co. to handle the sale of its Chinese unit Yinlu Foods Group, in a deal that could value at about $1 billion, the Bloomberg reported, citing people with knowledge of the matter.
Nestle reportedly stated that it plans to offload a majority stake in Yinlu and may retain a small holding to oversee the production of Nescafe ready-to-drink coffee.
The company currently plans to call for first-round bids as soon as late April or early May, yet the coronavirus outbreak could delay the process,the report stated.
Nestle is reaching out to potential buyers including Chinese food and beverage companies like Dali Foods Group Co., Hangzhou Wahaha Group Co. and Uni-President China Holdings Ltd., the report added.
Nestle could not immediately be reached for comment.
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