Colgate-Palmolive saw its shares rise 6 percent in mid-May amid rumors that Kraft-Heinz is preparing a bid for the US personal care and oral hygiene giant, according to a report published by Seeking Alpha.

Kraft-Heinz is seen as a likely bidder for the company, not only because the US food giant was recently rebuffed by Anglo-Dutch FMCG player Unilever, who boasts a similar portfolio of well-respected personal care brands, but also because Kraft-Heinz’ business strategy rests on the acquisition of well-established brands.

Both companies have refused to comment on the potential sale, which, says Seeking Alpha, is a sign that a deal could potentially be made.