Nestle SA has agreed to sell its chocolate business to Ferrero, the Italian owner of Nutella, according to the Financial Times and Bloomberg. Both outlets, citing people familiar with the pending deal, reported the sale price at $2.8 billion. They said a deal could be announced as soon as this weekend. Media reports indicate Ferrero beat out bids from Hershey and Rhone Capital, a private equity firm. None of the parties involved would comment on the reports.