Sara Lee is gearing up for the sale of its European household and personal care business, including the Brylcreem range of hair products.
The US manufacturing giant has reportedly called in investment bank Goldman Sachs to identify bidders for the business, which would also include Radox toiletries and coffee brand Douwe Egberts.
Rivals including Unilever and Reckitt Benckiser have been linked with an approach for the business, which could be valued at up to $2bn (£1.4bn).
The sale would form part of a bid by the consumer goods giant to refocus its core food and drink business in the US.
Last year the group reported a $17m loss in the three months to December 27, having racked up profits worth $182m for the equivalent period in 2007.