The French water giant Groupe Danone is looking into selling its Italian water subsidiary Italacque SpA, according to a report in Il Mondo.

The company is reported to have appointed JP Morgan to study the sale.

Without mentioning any sources, the report added that possible buyers included PepsiCo's Italian branch, institutional investors, and other international industrial companies.

Italacque sells the Ferrarelle, Santagata, and Boario brands and has turnover of €160m, making up an 8.5% market share.