Madrid, Dec 2 - Spanish bakery Panrico, owned by private equity firm Apax Partners, is one of two shortlisted bidders for Spanish food group SOS Cuetara's biscuits business, a source close to the deal said late on Monday.
"There are basically now two finalists for SOS's biscuit division and one is Panrico-Apax," the source said.
SOS chairman said last week that there were 10 potential bidders for the biscuits business and that no decision had been taken.
SOS had a 300 million euro ($378.2 million) price tag on the unit and was expecting to close the sale by the end of this year, though difficulties in the credit markets have raised concerns that such a price would be difficult to achieve.
Sources have said other potential bidders are Spanish food brands DeLaViuda and Nutrexpa, in addition to Britain's United Biscuits, which is controlled by private equity firms Blackstone Group and PAI Partners.
Panrico, which counts brands such as Donuts, Chiquilin and Bollycao in its stable, was bought by Apax Partners in 2005.
Ahorro Corporacion is handling the sale of Cuetara.