Tuesday 25 July 2017

Aryzta currently evaluating its stake in Picard

Ellie Donnelly

Aryzta, the global food business based in Zurich, has said that it is currently carrying out a review of possible alternatives for its 49pc shareholding in Picard.

The statement from the Dublin listed company comes following speculation regarding its share in Picard which saw share prices in Aryzta rise as much as 6.8pc in Zurich trading on Friday.

“The board, consistent with its obligations as a listed company, would announce any substantive change or key business development to the market as a whole at the earliest practical opportunity,” the statement from the Cuisine de France maker said.

Read more: Aryzta reports fall in revenue and share price follows suit

The company went on to say that, given the pace of management transition and the extent of operational reviews underway, it was not in a position to provide guidance, subsequently prior guidance should be relied upon.

In March this year, the company announced that senior staff CEO Owen Killian; CFO/COO Patrick McEniff and CEO Americas John Yamin would depart the company on March 31 - it had originally been announced that they would leave by the end of July.

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