£1b bid for soft drinks
Private equity firms Blackstone and Lion Capital have teamed up to make a formal bid worth more than a £1 billion ($1.9b) for Lucozade and Ribena, the two soft drink brands put up for sale by drugmaker GlaxoSmithKline.
GSK has been focusing its consumer health operations on emerging markets and put Lucozade and Ribena - brands that are big sellers in Britain but lack global reach - up for sale as they no longer fit in with the company's portfolio.
Last month, GSK said it had appointed JPMorgan and Greenhill to advise it on the sale.
Blackstone and Lion Capital have appointed bankers at Rothschild to advise them on their bid, Sky News reported.