Philippines-based conglomerate San Miguel Corp. reportedly expects to name who will acquire a 49% stake in its Pure Foods business.

San Miguel president Ramon Ang told reporters that the company would know the name of the buyer “within the week, Thursday, Friday”, Reuters said today (12 July). “It’s up to JP Morgan Chase,” Ang said, citing the bank advising the sale.

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The conglomerate is looking to move away from food and drink and sees the sale of a stake in Pure Foods as a way of providing it funds with expansion.

Private-equity firm Carlyle Group, CVC and Philippine food maker Universal Robina Corp. have been named as bidders, although Ang declined to comment, Reuters said.

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