Bright Food of China has emerged as the highest bidder for the 50 per cent stake in Yoplait, the global yoghurt brand, that has been put up for sale by its private equity owner, according to people familiar with the deal.

　　據知情人士透露，中國的光明食品集團(Bright Food)已成為私人股本所有者掛牌出售的全球酸奶品牌Yoplait 50%股權的最高出價者。

　　General Mills, the US food group that owns the Yoplait licence in the US, is also in the running, as is Nestlé of Switzerland.

　　瑞士的雀巢(Nestlé)以及擁有Yoplait美國經營權的美國食品集團General Mills也參與了競標。

　　The Yoplait brand, the world’s second-biggest yoghurt brand by sales, is jointly owned by PAI, which is selling its 50 per cent stake, and Sodiaal, the French farmers’ co-operative.

　　按銷量計算，Yoplait是全球第二大酸奶品牌。該品牌由正出售其50%股權的PAI和法國農業合作社Sodiaal共同擁有。

　　However, they add that the complexities of the sale mean the winner will have to show more than just cash.

　　不過，知情人士補充表示，這宗出售交易的復雜性意味著，贏家需要展現的不僅僅是財力。

　　The structure of the company, along with the interest of the French government, which is keeping an eye on proceedings, means different interests are at play over the choice of buyer.

　　該公司的結構以及一直關注事態發展的法國政府的興趣，意味著在買家的選擇上，不同利益群體都在發揮其影響。

　　While PAI’s aim is to maximise value for its shareholders, the farmers are more interested in a partner they can work with.

　　雖然PAI的目標是實現股東價值最大化，但農民們更關心的是要有一家能夠與之合作的伙伴。

　　The French government, having once labelled yoghurt a strategic asset when there was speculation in the media that PepsiCo of the US was eyeing Danone, has said its state-backed fund could come in as a shareholder.

　　法國政府表示，政府支持的基金可能會以股東身份參與進來。當媒體猜測美國的百事可樂(PepsiCo)對達能(Danone)感興趣時，法國政府曾表示，酸奶是法國的一項戰略資產。

　　But Yoplait’s owners are understood to prefer an international company which would be able to help the brand develop in emerging markets.

　　然而，據信Yoplait的所有者更傾向于選擇一家國際企業，以幫助該品牌在新興市場擴張。

　　Late last year the joint owners of Yoplait rejected a €1.4bn ($1.8bn) takeover bid for the whole of Yoplait from French private dairy company Lactalis, saying it was too low.

　　去年末，Yoplait的共同所有者拒絕了法國私人乳品公司Lactalis以14億歐元（合18億美元）全盤收購Yoplait的提議，稱其出價過低。

　　Bright Food’s high bid might reflect the hurdles it is up against, bankers said. It is neither French nor international.

　　銀行人士認為，光明食品的高報價可能反映了其面臨的障礙。光明食品既不是一家法國公司，也不是一家國際企業。

　　The Chinese dairy company has lost a degree of credibility by balking at deals at the last minute: most recently, it abruptly walked from United Biscuits of the UK and GNC, the US vitamin retail chain.

　　由于曾不止一次在最后一刻放棄交易，這家中國乳制品公司已經喪失了一定的可信度：就在最近，該公司突然中斷了對英國聯合餅干(United Biscuits)和美國維他命連鎖企業GNC的收購。

　　Nestlé and General Mills declined to comment.

　　雀巢和General Mills拒絕置評。