Rival Bids Made for Ice Cream Maker

Global consumer goods group Unilever and Croatian food group Agrokor have placed separate bids for Russian frozen food maker Talosto, banking sources said Thursday.

"The offers concern an acquisition of Talosto's entire business. Both [offers] are now being considered," one of the sources familiar with negotiations said.

Unilever declined to comment, while Talosto and Agrokor were not immediately available for comment.

Talosto, which is majority owned by its general director, Alexei Abrosimov, has five plants in the Moscow, St Petersburg and Rostov regions.

Nikolai Gabyshev, managing director of investment company Pollyanna Capital Partners, said Talosto's business could be worth around $145 million.

Talosto expects revenue of $162 million this year. It had a 12.4 percent share of the Russian ice cream market in March-April of this year, according to market research group Business Analytica.