Swiss-Irish bakery group Aryzta is set to buy a 49pc stake in France’s Picard group worth almost €450m.
The company said it has entered into exclusive negotiations for a strategic investment with Lion Capital in speciality premium French food business Picard.
Under the terms of the agreement, Aryzta would acquire a 49pc shareholding in Picard for €446.6m.
Aryzta will have the right to exercise a call option in three to five years to acquire 100pc of Picard.
The company recently made over €400m from the sale of part of its stake in Irish food and agribusiness group Origin Enterprises.