Retail giant Metro has reportedly made a bid for private equity-owned, Singapore-based Classic Fine Foods.
According to Reuters, the deal is potentially worth $300-$400 million. Sources close to the deal have said several other bidders also handed in bids by a deadline last week.
The move by the German retail giant is reportedly being made as part of an expansion strategy of its Asian operations.
Swedish private equity group EQT's Classic Fine Foods arm supplies restaurants and hotels with high quality food products such as meat, pastry, seafood and pasta.
Reuters.com reported that EQT bought Classic Fine Foods in 2011 in the hope of benefitting from expected growth in the Asian high end foods market.
Metro has said it expects to become more active in acquisitions in future, starting small but potentially building up to bigger and better deals.
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