General Mills is in talks to sell its U.S. and Canadian yogurt operations, which houses brands such as Yoplait, to French dairy firms Groupe Lactalis and Sodiaal, respectively, Bloomberg News reported on Thursday, citing people familiar with the matter.
The Cheerios maker did not immediately respond to a Reuters request for comment on the discussions.
In April, Reuters reported that the company was exploring a sale of its North America yogurt business in a deal that could be worth more than $2 billion, and was working with JPMorgan Chase to attract interest from potential buyers.
In 2011, General Mills acquired a 51% stake worth $1.2 billion in Yoplait from private equity firm PAI Partners and French dairy cooperative Sodiaal.
Sodiaal retained the remaining stake.
Later in 2021, General Mills sold the European operations of Yoplait to Sodiaal.
Yoplait faces tough competition in the U.S. from privately-held yogurt brand Chobani as well as Danone’s Dannon brand.
(Reporting by Juveria Tabassum and Ananya Mariam Rajesh in Bengaluru)