CVC Capital Partners Limited is among at least four bidders shortlisted by advisers of Unilever PLC (LSE:ULVR) for the sale of large chunks of its global tea business. Unilever has brewed a shortlist of bidders for its PG Tips and Lipton Ice Tea brands as it brings the £4 billion auction to the boil. Sky News has learnt that CVC Capital Partners has made it through to the second round of one of the year's biggest consumer goods sale processes, and will vie with three of its biggest rivals to buy the division.

City sources said that CVC was bidding against bids from The Carlyle Group Inc. (NasdaqGS:CG); a joint offer from Advent International Corporation; and a consortium comprising Cinven Limited Abu Dhabi Investment Authority. Rivals including Bain Capital, LP and Clayton, Dubilier & Rice, LLC are said to have dropped out of the process. CVC and Unilever declined to comment.