The private equity owners of Orangina Schweppes are holding talks with Japanese drinks groups Suntory and Asahi Breweries in the final stages of a €2.6bn ($3.8bn) auction to sell the maker of France’s best-known soft drink.

Blackstone and Lion Capital, which acquired Orangina from Cadbury for €1.85bn in 2006, are considering a last-ditch approach from Asahi after an exclusive negotiation period with Suntory expired at the end of August. But Suntory, the privately owned maker of beer, whisky and soft drinks, which is itself in talks to merge with its Japanese rival Kirin, is still considered the favourite to acquire Orangina.