Buyout firms have pressed ahead with plans to bid for an Italian affiliate of food company Unilever and the flotation of Spanish travel group Amadeus, in what are encouraging signs for private equity in the Mediterranean, where the growing crisis in Greece has threatened to scare off investors.

First bids for Unilever's Italian frozen food division Findus, which has attracted interest from buyout firms including PAI Partners, are expected by the end of May, according to two sources close to the situation. Unilever said on Monday it was looking for a buyer for the arm. Dow Jones reported this month bank Goldman Sachs had been appointed to run the process.