SOS Cuetara has remained silent on suggestions that the crisis in the financial markets could drag down the price achieved in the auction of its biscuits unit.

"The sale process is nearing completion," a spokesperson for the Spanish food group told just-food today (19 November).

Final bids for the company's biscuit business are expected to come in over the next two to three weeks.

However, according to reports, the target price of EUR300m (US$378.5m) could be missed as the chaos in the credit markets means bidders have found it increasingly difficult to secure funding.

"We believe EUR300m is too much. The way we see it here, the price will be more in the EUR220-250m range," one banker told Reuters.

"We do not comment on market speculation," the SOS spokesperson said, emphasising that the sale process was "progressing well".