Swiss baking company Aryzta has announced that it has received a binding offer to sell 43% of its stakes in the French frozen food company, Picard.
The offer, made by Invest Group Zouari, includes EUR156m for the stakes and EUR91m from Picard’s prior dividend income, taking the total value of the deal to EUR247m. The food group will retain 4.5% shares in Picard to be monetized at a later stage. Cumulative net proceeds from non-core asset disposals of EUR 380m.
The Board of Aryzta believes the terms of this transaction to be fair and reasonable and in the best interest of the Group as a whole. Kevin Toland, Aryzta’s CEO, commented: “The binding offer from IGZ for our interest in Picard represents the earliest practicable opportunity to realize the maximum deliverable value for Arytza. On completion of this transaction, Arytza will realize 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.”
The transaction is subject to customary regulatory approvals and a works council consultation process in France. The transaction is expected to close in the last quarter of the calendar year 2019.
