Reports from the newswire service have suggested the firm has been successfully separated into two discrete businesses by global financial firm Credit Suisse Group.
UB’s snacks business, which is believed to be worth £500m, includes such brands as Twiglets, Hula Hoops and KP Nuts.
Despite repeated attempts by British Baker, UB was unable to provide a comment on the reports.
British Baker reported on the first signs of the move back in March, when bankers were considering the firm's business options. UB is owned by US private equity group Blackstone and French buy-out firm PAI Partners, which bought the company back in 2006 for £1.6bn.
In July 2010, UB was looking for a new owner, with the business rumoured to be worth around £2bn.