Cuisine de France owner Aryzta has announced that it has received a binding offer to sell a 43% stake worth €156 million of French frozen food company, Picard.
The offer, made by Invest Group Zouari (IGZ) 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 Swiss-Irish baking company will retain 4.5% shares in Picard, which it said in a statement, 'is to be monetised at a later stage.'
According to the company’s board, the terms of the transaction is 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," Kevin Toland, CEO, Aryzta said.
“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 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click sign-up to subscribe to Checkout.