Reports: P&G shareholder suggests sale of Iams pet food brand

NEW YORK — Procter & Gamble may be able to sell its Iams pet food unit to Del Monte Foods Co., according to published reports.

Bloomberg reported that P&G CEO A.G. Lafley was under pressure to improve the company's business and that shareholder HighMark Capital Management said it could increase its share price by selling some assets, including Iams. Del Monte, HighMark said, would be a "logical" buyer for Iams, valued at around $2.5 billion, because it's looking to grow its pet food business.

Del Monte announced earlier this month the sale of its consumer products business to Philippines-based Del Monte Pacific Ltd. so that it could focus on its pet products division. Del Monte currently owns such brands as Meow Mix, Kibbles 'n Bits, Milk-Bone, 9Lives and others.