Swiss-Irish baked goods company Aryzta AG should make changes to help boost its share price, activist investors Veraison and Cobas Asset Management said on Wednesday, as they announced a tie-up that encompasses 17.3% of shares.
"The two shareholders have joined to actively support improvements in the company," Swiss-based Veraison said in a statement.
"Trust in Aryzta must be rebuilt. Only in this way can Aryzta create value for all stakeholders again."
Among other things, they called for reducing complexity of the group and more-focused activities.
Cobas, Aryzta's largest shareholder, has been pushing for changes since at least 2018, as the bakery company's stock has fallen about 97% over the last five years.