(Alliance News) - Unilever PLC has narrowed down the list of bidders for its tea brands, including PG Tips and Lipton, Sky News reported Tuesday.
According to its City sources, Sky News reported that CVC Capital Partners has advanced to the second round of the sale process, and will compete against a bid from Carlyle, and a combined offer from Cinven and the Abu Dhabi Investment Authority.
Other rivals, including Bain Capital and Clayton, Dubilier & Rice, have apparently dropped out of the process.
In January 2020, Unilever initiated a strategic review of the tea business, and Sky News noted that a disposal is unlikely to be completed until 2022. The auction does not include Unilever's tea operations in India or Indonesia, or assets in the ready-to-drink tea segment.
Shares in Unilever closed 1.2% higher at 4,012.50 pence on Tuesday in London.
By Dayo Laniyan; firstname.lastname@example.org
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