General Mills and Nestle ahead in race to by Yoplait stake

General Mills and Nestle are among the leading candidates to buy a 50% stake in French yogurt maker Yoplait, according to reports today.

China's Bright Dairy & Food Co submitted the highest offer that valued Yoplait at about 1.7 billion, it remains uncertain whether it will be able to gain final approval from the Chinese authorities, the report said.

PAI may select a final bidder in the next few weeks, the report said. Axa Private Equity is the only remaining buyout firm in the race, according to the report.

Representatives for General Mills and Nestle were not immediately available for comment.

Yoplait said earlier this month that it had received nine preliminary offers for a 50% stake in the world's second-largest yogurt maker.

PAI hired bankers in September to sell its stake. Sodiaal, the French farming cooperative, has said it will retain the remaining 50%.