Pepsico has won the bidding for Brazilian biscuit manufacturer Mabel with an offer of between 800 million Brazilian reais ($460 million) and BRL900 million, the O Estado de S. Paulo newspaper reported yesterday.

Pepsico beat out Bunge Inc. BG -0.03% and Mexico's Grupo Bimbo, according to the report.

A spokeswoman for Pepsico in Brazil declined comment. Mabel couldn't be reached for comment on Wednesday, a holiday in Brazil.

Mabel, owned by the family of Brazilian Congressman Sandro Mabel, has five factories across Brazil, according to the report. A private equity fund of Brazilian investment bank Icatu took a 40% stake in Mabel in 1999, according to the report.

The company is reported to be one of the top five biscuit producers in Brazil, producing 1.5 million biscuits per day.