UK/ NL - JP Morgan bids for Unilever frozen foods

The bank is reported to have teamed up with Capital Partners and Kerry Group, while Permira Advisors and Capvest are also reported to prepare for a bid. KKR and CVC, understood to have initially wished to partner with Capvest, are believed to have retreated from the auction.

An acquisition by Capvest is likely to raise significant anti-trust issues as the firm already owns Young's Seafood as well as Findus, two frozen food brands and it is the risk of the transaction not making it past competition authorities that has reportedly put KKR and CVC off the acquisition.

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