Bakery company Aryzta has received an offer to sell the majority of its interest in French frozen food firm Picard.
Invest Group Zouari (IGZ) will acquire the 43% stake for €156 million. The announcement means Aryzta retains a 4.5% interest in Picard, which it says is “to be monetised at a later stage”.
According to the Aryzta board, the terms of the transaction are fair and reasonable and in the best interest of the group.
“The binding offer from IGZ for our interest in Picard represents the earliest practicable opportunity to realise the maximum deliverable value for Aryzta,” said Aryzta CEO Kevin Toland.
“On completion of this transaction, Aryzta will realise some 85% of its asset disposal objective. The steps we have taken in 2019 have established clear foundations on our path towards stability, performance and growth.”
The transaction is expected to close in the last quarter of 2019.
Last year, Aryzta announced plans to raise €800 million in capital in order to reduce debts. The firm is aiming to deliver annual cost savings of approximately €90 million by 2021.
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