The Portuguese food group Nutrinveste has sold its fruit juice business Compal to Sumolis and state bank Caixa Geral de Depositos, according to press reports.

Citing an industry source, the news agency Reuters said that the sale could have fetched as much as €500m.

So far Compal has declined to comment.

Reuters reported that the bidding process for Compal included offers from Coca-Cola Co and UK brewer Scottish & Newcastle.

Compal has about 600 employees and had 2004 sales of €157m.