PepsiCo is reportedly in talks to acquire Brazil-based dairy group Vigor Alimentos.

Brazilian business daily Valor Econômico has claimed PepsiCo has made two bids for Vigor, which is owned by investment holding company J&F Investimentos. However, no deal has been reached, the report said.

The newspaper claims J&F is looking to sell Vigor and has sounded out other interested parties, including French dairy giant Lactalis.

Approached by just-food for a reaction to the report and asked whether it was in talks to buy Vigor, PepsiCo said: “PepsiCo doesn’t comment on speculation or rumours.”

Officials at Vigor had not returned requests for comment at the time of writing.

Vigor is one of Brazil’s largest dairy processors. It owns a 50% stake in another dairy company in Brazil, the co-operative Itambe.

In 2007, a majority stake in Vigor was sold to Brazilian meat processor Grupo Bertin. Two years later, Bertin sold a majority stake in itself to Brazilian meat giant JBS, another company controlled by J&F.

In 2012, JBS spun off Vigor, retaining a minority stake in the company.

In 2015, J&F announced plans to buy control of Vigor. Last year, Vigor was delisted.

However, European dairy giant Arla Foods remains a minority shareholder in Vigor. In 2014, Arla exchanged its 50% stake in Dan Vigor, a venture the two companies had been running, for 8% of Vigor, a shareholding it still owns. Arla declined to comment on Valor Econômico‘s report