French cheese maker Groupe Bel, Mexican dairy processor Grupo Lala and China’s Bright Food are also each said to have submitted an offer.
FSi, a strategic investment fund owned by the French government, is supporting Bel’s bid and could acquire a minority part of PAI’s shares, the report added.
Speculation has swirled around Yoplait since the summer. French dairy co-operative Sodiaal, which is the other 50% shareholder in Yoplait, wants to keep its shares in the business.
The only potential suitor to have publicly declared its interest or to have already made a bid is Lactalis, which had a EUR1.4bn bid for the whole of Yoplait rejected by PAI and Sodiaal in November.