Australian food company Goodman Fielder said it is in talks with a potential bidder, which may provide an alternative to the bid from spice-maker Burns Philp.

The A$2bn (US$1.18bn) hostile takeover bid from Burns Philp was granted regulatory approval on Tuesday from the Foreign Investment Review Board, reported the Asian Wall Street Journal.

Although Goodman declined to name any potential bidder, recent reports have speculated US-based PepsiCo, ConAgra Foods, Kellogg and Swiss food giant Nestlé are among those companies that may consider a bid.

The Burns Philp bid is waiting for approval from the New Zealand Commerce Commission, which is likely to make a decision soon. The bid has already been approved by the Australian Competition and Consumer Commission.