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(Reuters) -PAI Partners and Bain Capital are among the buyout firms considering bidding for Swiss food giant Nestle's water business, which could be valued at about 5 billion euros ($5.38 billion) or more in a deal, Bloomberg News reported on Wednesday.
Clayton Dubilier & Rice and KKR have also been studying the business, Bloomberg News said, citing people familiar with the matter.
Nestle may retain a stake in the unit in any transaction, the report added.
Bain Capital, Nestle, PAI Partners and CD&R declined to comment, while KKR did not immediately respond to a request for comment on the report.
In November last year, the consumer product giant said it would carve out its 3.3 billion Swiss franc water business into a standalone global unit starting January 1, 2025, and is open to partnerships and deals.
Nestle's water business has had interest for decades, including from private equity and strategic buyers, Sanjay Bahadur, head of group strategy and business development, told Reuters last year.
The company also plans to boost advertising and marketing while reducing costs by at least $2.8 billion by 2027. This comes as shoppers are shifting towards cheaper, better-advertised or more innovative brands, eating into Nestle's market share.
Rival Unilever, which has also fielded criticism for having too many brands, announced in March it planned to spin off its ice cream business and has signalled its willingness to sell weaker brands.
($1 = 0.9301 euros)
(Reporting by Kritika Singh in Bengaluru; Editing by Alan Barona)
