The auction for Campbell’s Soup’s international business is heating up.

US food giants Kraft Heinz and Mondelez International are on the short list to take part in the second round of the Campbell’s auction, according to Reuters, which cited anonymous sources.

It would enable Campbell’s to unload its international portfolio, which includes its Australian cookie brand Arnott’s and Danish baked-snacks maker Kelsen Group, the report said.

Based on first-round bids, the international division is expected to fetch close to $3 billion.

Private equity firms Bain Capital LP, KKR and FinTrek Capital Hong Kong Co. also made the short list.

Nutella maker Ferrero had expressed interest in the assets earlier in December, and is said to be in talks with Campbell’s over whether it will advance in the auction, which is expected to wrap up in the first quarter.

Campbell’s Soup, Kraft Heinz, Mondelez, Ferrero, Bain, KKR and FinTrek Capital did not comment.

The news comes days after Campbell’s named Mark Clouse, the former Pinnacle Foods boss, as its new chief executive.

The pick had the support of shareholder activist Dan Loeb’s Third Point, which recently settled a proxy battle by agreeing to add two of the activist hedge fund’s nominees to the food company’s board, and giving Loeb a say in selecting Campbell’s next CEO.

Clouse will have his work cut out for him, with pressure building from investors to boost profitability and stock performance, while also selling its fresh food division, which includes Bolthouse Farms juices and salsa maker Garden Fresh Gourmet.

With Reuters