Godiva shortlists bidders ahead of $1.5bn Asia-Pacific sell off

Premium chocolatier Godiva has selected Baring Private Equity Asia and CVC Capital Partners as two of the suitors to make final bids for the company's Asia-Pacific assets.

Other firms that have been shortlisted include buyout company North Asian MBK Partners and Marunouchi Capital, an investment arm of Mitsubishi.

The companies are set to go head to head in the next round of bidding with assets being sold for as much as $1.5bn (£1.16bn), according to Bloomberg.

Yildiz Holding AS, which owns the confectioner along with biscuit maker McVitie's, has asked for final offers to be made in the next few weeks, although details of a potential deal are still subject to change.

Turkish-based Yildiz is trying to sell its Godiva's divisions across the Asia-Pacific in order to cut debts following a number of acquisitions in recent years.

Representatives for the companies involved in the bidding process declined to comment.

Godiva's Japanese unit is the largest of the businesses up for sale, with 2017 sales of around $350m.

Yildiz purchased the chocolate maker more than ten years ago for $850m from Campbell Soup.