Investment firm Centerbridge Partners LP and a group comprising PAI Partners and Goldman Sachs Capital Partners are expected to submit bids for Kimberly-Clark Corp.'s European tissue business, Bloomberg reported Oct. 11, citing anonymous sources.

The Texas-based consumer products company could get €1 billion to €2 billion in a sale, people familiar with the matter told Bloomberg, adding that final bids are due in late October.

In July, Kimberly-Clark was reported to be exploring a sale of its European tissue business to reduce cost and combat slow sales by divesting less-profitable areas. The company had approached private equity firms for a deal and was likely to get more than $1.2 billion.

The company's European tissue business includes toilet paper brands Andrex in Britain and Ireland, Hakle in Austria and Switzerland and Scottex in Belgium, Italy and Spain.

Kimberly-Clark did not immediately respond to S&P Global Market Intelligence's request for comment.