Billionaire Graeme Hart has made an offer to buy one of New Zealand's biggest food manufacturing companies, Hansells Food Group.
Fairfax says it's understood Hart, and his son Harry have signed a conditional contract for Hansells, which owns a number of food brands including Aunty Betty's, Weight Watchers, and Vitafresh.
Hansells managing director Ross MacKenzie said he and the Harts could not comment due to a confidentiality agreement.
However, Fairfax said it is believed an announcement is due in the next few weeks.
The Hansells group posted a loss of about $6.7 million for the year to March 2017 and at the time, there was "significant doubt" about the group's ability to continue as a going concern.
Hansells has been making baking ingredients since 1934 and has factories in Auckland, Masterton, Australia and the UK.
Hart is New Zealand's richest man, with and estimated worth of $7.5 billion.