Unilever's European Frozen Food Business is considered a likely target for a consortium of private equity firms ready to table a GBP1bn (US$1.82m) bid for the division.

Capvest, CVC Capital and Kohlberg Kravis Roberts (KKR) are favourites to acquire the group, which includes the Captain Birds Eye brand, according to the Sunday Times newspaper, with Unilever looking to sell by the end of the year.

A Unilever spokesperson told just-food: "It is far too early in the process to comment."