Permira, Lion Submit Final Bids For Unilever Unit - Sources

14th Jul 2010 17:39

By Marietta Cauchi Of DOW JONES NEWSWIRES LONDON (Dow Jones)--London-based buyout firms Permira and Lion Capital remain frontrunners to buy Unilever PLC's (UL) Italian frozen food business after submitting binding bids by Tuesday's deadline, people familiar with the situation told Dow Jones Newswires Wednesday. Rival private equity firm BC Partners remains in the frame but it is unclear whether the firm has put in a bid, the people added. Both Permira and Lion Capital have complementary businesses. Permira is bidding through Birds Eye Iglo Group, the European frozen-foods business it bought from Unilever in November 2006, while Lion Capital already owns Findus Group, parent of Young's, Findus and Seafood Co. BC Partners is currently looking to sell its frozen food business, France's Picard Surgeles. Goldman Sachs (GS) is running the auction process for Unilever and is expected to select a bidder for exclusivity within the next week to 10 ten days. Bids have come in at around EUR800 million, people said. A spokesman for Unilever declined to comment. -By Marietta Cauchi, Dow Jones Newswires; +44 207 842 9241; [email protected] (Michael Carolan contributed to this story.) (END) Dow Jones Newswires July 14, 2010 12:39 ET (16:39 GMT)