Core Viewpoint - Nestle is considering reducing its involvement in the ice cream business, including a potential reduction of its stake in the Froneri joint venture, as it reviews various options [1]. Group 1: Company Actions - Nestle is evaluating options to decrease its presence in the ice cream sector, which may involve selling some of its fully-owned ice cream operations to Froneri [1]. - The company has not provided any comments regarding these deliberations, and Froneri has not responded to inquiries [1]. Group 2: Froneri Joint Venture - Froneri, a joint venture between PAI Partners and Nestle, was recently valued at 15 billion euros (approximately $17.69 billion) following investments from Goldman Sachs and the Abu Dhabi Investment Authority [1]. - PAI Partners may consider increasing its stake in Froneri if Nestle opts to reduce its shareholding, or Nestle could sell part of its stake to other investors like ADIA [1]. Group 3: Market Context - Froneri produces well-known ice cream brands such as Haagen-Dazs and Rowntree's, and it competes with the newly independent Magnum Ice Cream Company, which separated from Unilever last year [1].

Group 1 - Froneri, the U.S. operator of Haagen-Dazs, has received investment from Goldman Sachs and the Abu Dhabi Investment Authority (ADIA) [2] - PAI Partners announced the completion of a €3.6 billion (approximately HKD 32.89 billion) equity transaction, with ADIA's subsidiary becoming a significant minority co-investor [2][3] - The valuation of this transaction is approximately €15 billion (around HKD 137.05 billion), including debt [2] Group 2 - PAI Partners is establishing a new equity structure for approximately 50% of Froneri's shares, with ADIA's subsidiary and a new single-asset continuation vehicle (CV) becoming significant minority investors [3] - This CV transaction is one of the largest single-asset CV transactions in Europe to date, led by Goldman Sachs' alternative investment division, Vintage Strategies [3] - Froneri was established in 2016 as a joint venture between PAI Partners and Swiss packaging food giant Nestlé, with each holding 50% of the shares [3] Group 3 - Froneri operates Haagen-Dazs in the U.S., while General Mills manages the brand outside the U.S. [3] - In 2019, Froneri acquired Nestlé's ice cream business in the U.S. for $4 billion [3] - Nestlé will retain approximately 50% of its shares in Froneri [3]