Nestle mandates JPMorgan to handle Yinlu sale

ZURICH: Food giant Nestle has mandated JPMorgan Chase & Co. to handle the sale of its struggling Chinese peanut milk business Yinlu that could be valued at about $1 billion, Bloomberg reported, citing sources familiar with the matter. Nestle plans to sell a majority stake in Yinlu, whose sales declined last year, but could retain a small holding to oversee the production of Nescafe ready-to-drink coffee that Yinlu co-manufactures in China. First-round bids could be due in late April or early May, if the coronavirus outbreak does not delay the process, Bloomberg reported. — Reuters