General Mills, Nestle In A Tussle For Yoplait

General Mills GIS, the second-largest U.S. food company by market value, and Switzerland-based Nestle NSRGY, the world's largest publicly traded food, are reportedly among the top bidders for PAI Partners' 50% stake in Yoplait. Yoplait shareholders Sodiaal and PAI said in January that nine companies, both French and foreign, have submitted bids for the company, according to Bloomberg News. General Mills and Nestle are believed to have submitted offers of $2.2 billion for Yoplait. The two global food giants could face competition in the form of China's Bright Dairy & Food Co., which has submitted the highest offer for Yoplait, the world's second-largest yogurt maker, but French authorities may not permit a sale to a Chinese company. There has been speculation about whether French authorities will intervene in an attempt to promote a French buyer, Bloomberg reported, citing a source close to the situation. French financial services giant Axa is the only private equity buyer left among the bidders. General Mills distributes Yoplait in the U.S. Yoplait has 6% share of the global yogurt market, Bloomberg reported.