Goldman Sachs Group Inc. and CCMP Capital Asia Pte Ltd. are competing to buy China's biggest food-processing company for as much as 1.5 billion yuan (187 million U.S. dollars), China Daily reported Friday.

Henan Luohe Shuanghui Industry Group Co., owned by the Luohe city government in Central China's Henan Province, plans to choose a winner this month, said the newspaper.

The acquisition, which would be the second largest this year by an overseas company in China, reflects investor interest in a consumer industry that caters to 1.3 billion people.

"In China, one area of great potential is the consumer market," said Jeanette Chan, a Hong Kong-based partner at the Paul, Weiss, Rifkind, Wharton & Garrison law firm.

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