Spanish food group SOS Cuetara has reportedly shortlisted two companies, including Spanish bakery Panrico, as possible buyers in the sale of its biscuit business.

"There are basically now two finalists for SOS's biscuit division and one is Panrico," an unnamed source close to the situation told Reuters.

Last week, SOS indicated that it has received interest from ten potential bidders for its biscuits arm, adding that no decision has yet been made.

Bidders are said to include Spanish food groups DeLaViuda, Panrico and Nutrexpa, along with the UK's United Biscuits.

When contacted by just-food, SOS remained silent on the sale process.

"We are not commenting on the sale," a spokesperson said. "It is proceeding well."

Likewise, officials at Panrico declined to comment on the report. 

SOS's biscuit unit is expected to fetch a price of around EUR300m (US$378.2m). The sale is expected to close before the end of the year.