Nestle's private equity partner drops out of bidding for Perrier, Bloomberg News reports
Main Developments in Nestle's Water Business Bidding
PAI Partners Exits the Bidding Process
June 8 (Reuters) - Consumer giant Nestle SA's long-time private equity partner PAI Partners has dropped out of bidding for its water business, which includes brands like Perrier, Bloomberg News reported on Monday.
Verification of the Report
Reuters could not immediately verify the report.
Remaining Bidders and Recent Developments
Current Bidders
According to the report, citing people with knowledge of the matter, Clayton Dubilier & Rice and billionaire Tom Gores's Platinum Equity were still in the race for a 50% stake in Nestle's water business.
Other Withdrawals
KKR & Co dropped out in recent weeks, the report added.
Responses from Involved Parties
Nestle's Position
Nestle declined to comment.
Other Parties' Responses
Clayton Dubilier & Rice, Platinum Equity, KKR and PAI Partners did not immediately respond to requests for comment.
Background on Nestle's Water Business
Long-standing Interest in the Business
Historical Perspective
Nestle's water business has had interest for decades, including from private equity and strategic buyers, Sanjay Bahadur, the then head of group strategy and business development, told Reuters in a 2024 interview.
(Reporting by Hyunsu Yim in Barcelona; Editing by Joyjeet Das)
