Spanish food group Sos Cuetara is in talks to sell a 20-30% stake to an unnamed sovereign wealth fund, according to reports.

The company was not available for comment on the reports, which initially surfaced in the Spanish press. Reports suggested the suitor could be an Arab fund.

Sos chairman Jesus Salazar told Bloomberg that talks for the fund to acquire a stake of less than 30% through a joint venture have been taking place since last year.

However, the talks could reportedly be derailed by the weakness of the company’s share price.

A 55% decline in Sos’s share value this year means the planned stake sale is being held up, Salazar reportedly said today (1 April).