Swiss food giant Nestlé is not planning a major acquisition, its chief executive has said amid rumours the company was considering a US$22bn bid for US cereal maker General Mills.

Nestlé CEO Peter Brabeck told a Swiss newspaper that there were no major transactions in sight, reported Reuters.

“We are established in all the major sectors which we consider to be strategic,” Brabeck was quoted as saying.

At the end of last week it was reported that Nestlé wanted to buy General Mills, but analysts dismissed the idea, citing potential antitrust problems as one of the reasons Nestlé would not be interested in buying General Mills.

The US company, which makes Cheerios cereal and Pillsbury refrigerated dough, has been hit by the popularity of low-carbohydrate diets in the US.

There was also speculation that Nestlé may instead be interested in buying a 22% stake in General Mills from UK drinks firm Diageo, Reuters reported.