NEW YORK (Reuters) - Unilever (L:ULVR) (AS:UNc) is in advanced talks to sell its Ragu pasta sauce business to Japanese condiments maker Mizkan Group for more than $2 billion (1.19 billion pounds), according to people familiar with the matter.
Mizkan, which calls itself the world's largest supplier of rice vinegar, prevailed over established food companies in the auction of the Ragu brand, including Hormel Foods Corp (N:HRL), the people said on Wednesday.
Negotiations are still continuing and Unilever and Mizkan have yet to sign a deal, cautioned the people, who asked not to be named because the matter is not public.
Representatives for Unilever and Mizkan could not be immediately reached for comment.
The Anglo-Dutch maker of Ben & Jerry's ice cream, Dove soap and Lipton tea in April announced a strategic review of its North American pasta sauce business, which includes the market-leading Ragu brand, and the troubled SlimFast brand whose sales have tumbled in its biggest market.
(Reporting by Soyoung Kim in New York; Editing by Eric Walsh)