Four bidders, led by Mondelez International, are battling it out to buy Australian bikky icon Arnott's from Campbell Soup.
Other companies to submit bids are reportedly Italian confectioner Ferrero and two private equity firms, KKR and Bain Capital.
Arnott's has 61 per cent of the Australian biscuit market while Mondelez has eight per cent, according to the Australian Financial Review, which could throw up regulatory hurdles if Mondelez emerges as the successful bidder.
The US food giant announced plans to sell off a number of business, units including Arnott's, in August last year, to enable it to simplify its operations and focus on its core portfolio of soup, simple meals and snacks.
Campbell Soup is selling its fresh food and international units, of which Arnott's is a part, along with manufacturing operations in Indonesia and Malaysia and businesses in Hong Kong and Japan.
Arnott's was founded 150 years ago in Newcastle, NSW, and its products span the sweet and savoury biscuit and crispbread categories. Its brands include TimTam, Iced VoVo, Monte Carlo, Vita-Weat, Jatz, SAO and Shapes.
Campbell Soup took a stake in Arnott's in the 1980s, and then took full control in 1997.