01:55 PM EDT, 05/13/2024 (MT Newswires) -- (Updates with details throughout)

Kraft Heinz ( KHC ) is looking to sell Oscar Mayer, which could fetch the company between $3 billion and $5 billion, the Wall Street Journal reported, citing people familiar with the matter.

The company has reportedly hired the services of Bank of America and Centerview Partners to gauge interest in the businesses, though a transaction is not guaranteed.

The report of a potential sale comes as Kraft Heinz ( KHC ) rejiggers its portfolio under Chief Executive Carlos Abrams-Rivera.

Kraft Heinz and Oscar Mayer did not immediately respond to requests for comment from MT Newswires.

(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.)

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