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Aryzta to pay €446.6m for stake in Picard

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Aryzta boss Owen Killian

Aryzta boss Owen Killian

Aryzta boss Owen Killian

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.

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