An Italian food giant has placed a bid for British bread-maker Hovis, in a move that could see it exchange hands for more than £100million.
The 134-year-old firm could be sold to Newat Foods - which specialises in bread and dairy and owns the Buitoni pasta brand.
In a statement on its website, Milan-based Newlat said it had made a non-binding offer to shareholders of Hovis Holdings Ltd.
It described Hovis as a brand with "a great tradition and recognisability in the United Kingdom".
Newlat said that buying Hovis would help it to achieve its aim of becoming one of the most important operators in the food sector in Europe.
It is understood that other bidders for Hovis include Endless, Epiris - the firm which recently snapped up restaurant chains Bella Italia and Café Rouge.
Based in High Wycombe, Hovis employs 2,800 people in eight bakeries, one flourmill and three distribution centres across the UK.
It's currently owned by Premier Foods and US investment firm the Gores Group, which bought a controlling stake in 2014.
But like many well-known British brands, Hovis, which started in Macclesfield, Cheshire, has had a succession of owners, since being founded in 1886.
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In 1962, following a series of mergers, it became part of Rank Hovis McDougall (RHM).
RHM was bought up by Premier Foods in 2007. Seven years later, Premier Foods sold a 51% stake to the Gores Group, making Hovis Ltd an Anglo-American joint venture.
Premier Foods, which owns Mr Kipling, Bisto and Angel Delight, is expected to use the sale process to offload its 49% stake in the company.
