French food giant Danone has reportedly put its UK sauces unit HP Foods up for sale.

Reports suggest the business, which includes the HP Sauce and Lea & Perrins Worcester sauce brands, could fetch up to £500m (US$941.0m).

Food groups such as Unilever, Premier Foods, Kraft, Heinz and Association British Foods, along with private equity buyers, are believed to be among those likely to be interested in buying HP Foods from Danone.

According to The Telegraph, Danone has asked investment bank Lazard to look at potential buyers. Lazard, which the newspaper said declined to comment, is believed to have approached a small number of potential trade and private equity buyers.