Yoplait race narrows to six bidders

Chinese group Bright Foods is said to be the highest bidder so far, with an offer in the region of €800m for PAI's 50% stake in Yoplait  - this would value the company at around €1.75bn.

PAI Partners confirmed that Bright Foods was a "serious candidate", but said that the talks were continuing with other interested parties. It hopes to select a buyer by the end of the month.

The Parisian private equity firm - who recently sold car repair business Kwik-Fit to Japanese corporation Itochu for £637m - is also taking bids for French mortgage insurance services company CEP. Rival buyout houses Apax Partners and Bridgepoint Capital are said to be making a joint bid for the business, which could fetch in excess of €800m.

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