The French former owner of the Yoplait dairy brand is close to swallowing one of Britain's biggest privately-owned food companies in a deal worth more than £700m.
I understand that PAI Partners, a Paris-based private equity firm, has emerged as the frontrunner to buy R&R Ice Cream, which is headquartered in Yorkshire and has a UK workforce numbering more than 800 people.
PAI, a former owner of the Yoplait dairy brand and United Biscuits, home to brands such as McVitie's and Hula Hoops, is not yet in exclusive talks to buy R&R, but could be within days.
Other bidders including the Ontario Teachers' Pension Plan, a giant Canadian pension fund, remain in the frame as rivals to PAI's offer.
The sale of R&R will come at a time of unprecedented scrutiny for the food industry as the European horse-meat scandal continues to reverberate.
The company is currently controlled by Oaktree Capital, a US investment house which bought 82% of R&R in 2007. Even after growing it partly through a string of acquisitions, Oaktree is expected to make a healthy return on its initial investment.
The Yorkshire-based company's management team, which is led by co-founder and executive chairman James Lambert, stands to reap a fortune from a successful sale. Executives' combined 18% stake could be valued in the region of £130m.
Oaktree declined to comment.