CDI.L Share News (CDI)

(Adds detail.) By Marietta Cauchi Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Lion Capital is in exclusive talks to buy Picard Surgeles, the French frozen foods company being sold by BC Partners, in a deal worth EUR1.5 billion, people familiar with the situation told Dow Jones Newswires Monday. Lion Capital, which just last week lost out to rival buyout firm Permira to buy Unilever PLC's (UL) frozen foods business, made its pre-emptive bid ahead of a final bid deadline Wednesday. Lion Capital beat off competition from a raft of other private equity firms including Eurazeo (RF.FR), a France-based buyout firm who was working with the original founders of the business, Bain Capital and CVC Capital Partners. One person said that Lion Capital hadn't put in the highest bid but that CVC, which was in pole position until Friday, wasn't able to put firm financing in place ahead of Lion Capital's bid over the weekend. A spokesperson for CVC declined to comment. Execution and deliverability have become key for private equity buyers as the few good assets coming to market have triggered strong competition among buyout funds desperate to offload funds and start investing again after a two-year hiatus. BC Partners bought Picard for EUR1.3 billion in 2004 from Candover. Prior to that it was owned by French supermarket group Carrefour S.A. (CA.FR). -By Marietta Cauchi, Dow Jones Newswires; +44 207 842 9241; marietta.cauchi@dowjones.com (END) Dow Jones Newswires July 26, 2010 09:15 ET (13:15 GMT)