ZURICH (Reuters) - Food giant Nestle (S:NESN) has mandated JPMorgan Chase (NYSE:JPM) & Co. to handle the sale of its struggling Chinese peanut milk business Yinlu that could be valued at about $1 billion, Bloomberg reported on Tuesday, citing sources familiar with the matter.
Nestle plans to sell a majority stake in Yinlu, whose sales declined last year, but could retain a small holding to oversee the production of Nescafe ready-to-drink coffee that Yinlu co-manufactures in China.
First-round bids could be due in late April or early May, if the coronavirus outbreak does not delay the process, Bloomberg reported.
Nestle could not immediately be reached for comment.
