CVC Capital Partners has fended off competing bids from rival private equity houses to win the €850m ($1.14bn) auction for the sugar confectionary division of CSM, a Dutch foods group.

CSM issued a statement this morning in which it said negotiations with CVC Capital Partners were so far advanced that a final agreement was expected on the transaction. Second round bidders that lost out to CVC include 3i, Permira, Nordic Capital and PAI.