Unilever and Hormel are front-runners in a deal that is likely to top £2.2 billion. Anglo-Dutch conglomerate Unilever is vying with US canned meat producer Hormel Foods Corp to buy…

Unilever and Hormel are front-runners in a deal that is likely to top £2.2 billion.

Anglo-Dutch conglomerate Unilever is vying with US canned meat producer Hormel Foods Corp to buy the foods division of British consumer goods maker Reckitt Benckiser.

Unilever and Hormel are front-runners in a deal that is likely to top £2.2 billion.

Consumer goods company Reckitt Benckiser confirmed a strategic review of its business in April, following the $17.9 billion acquisition of infant formula producer Mead Johnson.

Earlier this month Reckitt, which owns the French’s mustard brand, trimmed its sales forecasts, becoming one of the first companies to put a cost on a global cyber attack in June that disrupted its manufacturing and distribution.

Unilever CEO Paul Polman confirmed in April that the business would investigate the viability of purchasing Benckiser’s food arm.

The proposed purchase comes six months after Unilever rejected a $143 billion takeover approach from Kraft Heinz, claiming it grossly underestimated its value.

Unilever responded with a major structural review which led to the sale of its spreads business, including brands such as Flora, Stork and Bertolli.