The ownership of Jacobs Biscuits, one of Ireland's most famous food brands, could be about to change hands.

Danone, the French food group which owns the brand's manufacturer, Irish Biscuits, is understood to be in advanced talks that could lead to the sale of its Jacob's Biscuits business.

Potential buyers of the business, which operates in the UK as well as Ireland, are United Biscuits, maker of McVitie's biscuits, and Hicks, Muse, Tate & Furst, the private equity group. It was unclear last night how much the business is likely to fetch if a sale goes ahead, but it is thought to be worth more than £200 million (1,204 million).

Danone owns Irish Biscuits, the company formed in the 1960s from the merger of Jacobs and Bolands Biscuits. It employs more than 500 people in Tallaght and has an estimated turnover in excess of €100 million.

International food companies have been focusing on their biggest names, which has created an opportunity for private equity groups to buy cast-off brands and create a strong presence in national markets.

Hicks Muse has done that with Premier Foods, whose brands include Ambrosia creamed rice, Typhoo tea and Branston pickle. However, it is not thought to be interested in adding the Danone brands to Premier. It also owns the Burton's biscuit business, which would be a logical home for the Danone assets.

In a research note published this week, Andrew Wood at Sanford C. Bernstein said United Biscuits was the most likely buyer for Jacob's. Mr Wood said a disposal would be positive for Danone shares.

"Jacob's has little business strength, breadth and depth and operates in a weak market environment where there is little prospect for growth and where private label is dominant."

It is not just the big food multintionals that are jettisoning brands. Premier, for instance, is in the process of killing off its Chivers brand of marmalade, once known as "the aristocrat of the breakfast table".

Premier is attempting to sell shares in an initial public offering. If it gathers enough interest from buyers, the price of the share offer is expected to be announced on Tuesday. The IPO's indicative price range is 230p to 260p, valuing the company's equity at £607 million at the mid-point.

If the flotation gets a lukewarm reception from investors, Hicks Muse would have the option of delaying it and merging Premier with Weetabix, the cereal maker that it bought in 2003.