Swiss baking company Aryzta has announced that it has received a binding offer to sell 43% stakes in the French frozen food company, Picard.
The offer, made by Invest Group Zouari, includes €156 million for the stakes and €91 million from Picard’s prior dividend income, taking the total value of the deal to €247 million.
The food group will retain 4.5% shares in Picard.
According to the company’s board, the terms of the transaction is fair and reasonable and in the best interest of the group.
'Earliest Practicable Opportunity'
Commenting on the offer, Aryzta CEO, Kevin Toland, said, “The binding offer from IGZ for our interest in Picard represents the earliest practicable opportunity to realise the maximum deliverable value for Aryzta.
“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,” he added.
Asset Disposal Programme
Aryzta’s non-core asset disposal programme, including this transaction, has raised €380 million.
The transaction, subject to customary regulatory approvals, is expected to close in the last quarter of 2019, the company said.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.