02:07 PM EDT, 10/24/2024 (MT Newswires) -- Kraft Heinz ( KHC ) is looking to sell its Oscar Mayer brand, a move that could bring in nearly $3 billion, Reuters reported Thursday, citing sources familiar with the matter.

The hot dog and cold cuts business has attracted interest from multiple bidders, including Brazilian meatpacker JBS and Mexico's Sigma Alimentos, according Reuters.

The potential sale comes as Kraft Heinz ( KHC ) seeks to divest non-core assets, the report said. Kraft Heinz ( KHC ) aims to achieve a valuation for Oscar Mayer close to 10 times its earnings before interest, taxes depreciation, and amortization of approximately $290 million, it added.

Talks are still ongoing, and a deal could be finalized in several weeks, sources told Reuters.

The companies did not immediately respond to MT Newswires' requests for comment.

Kraft Heinz ( KHC ) shares were down over 1% in recent trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 35.05, Change: -0.45, Percent Change: -1.28