Deal negotiations are said to be well advanced, with the Chinese textile producer allegedly discussing an acquisition price of about US$700 million. Shandong Ruyi is said to have pulled ahead of other potential buyers that include Chinese conglomerate Fosun International, owner of Club Med, and Chinese apparel maker Fujian Septwolves.

No final agreement is reported to have been reached and the information has not been confirmed by JAB Holdings.

Source: Bloomberg