Platinum Equity has become the only remaining bidder for Nestlé's water business after CD&R withdrew from the auction, according to Bloomberg sources. The private equity firm now stands alone in the bidding process, though talks remain uncertain and Platinum may still walk away from a potential deal.

The auction has steadily narrowed from multiple contenders. PAI Partners initially appeared as a frontrunner before also pulling out, leaving CD&R and Platinum as final bidders ahead of CD&R's exit. Nestlé seeks roughly €5bn ($5.7bn) for the water unit, though several suitors balked at both the valuation and restrictive data conditions for financing banks.

Bankers have arranged €2bn to €3bn ($2.3bn to $3.4bn) in potential debt financing to support a deal. However, Nestlé's water operations face significant headwinds including soft consumer demand and ongoing lawsuits over filtration methods used in some bottled products.

CEO Philipp Navratil, who took charge in September, is steering Nestlé back toward core brands as part of a broader turnaround. The water sale represents a key move in separating non-core assets while the company recovers from a major infant formula recall affecting over 60 countries. Platinum's position as sole bidder puts it in a strong negotiating stance.