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Freshfields advises ARYZTA on the €156m sale of the majority of its Picard stake

Freshfields Bruckhaus Deringer LLP (‘Freshfields’) has advised ARYZTA AG (‘ARYZTA’), a global food business with a leadership position in specialty bakery with primary listing on the SIX Swiss Exchange and secondary listing on Euronext Dublin in its negotiations with Zouari Group (‘IGZ’) on the sale of 43per cent of the French frozen foods company Picard to IGZ.
ARYZTA accepted a €156m binding offer from IGZ in exchange for a 43 per cent stake of the company, and will retain a 4.5 per cent stake in Picard. Lion Capital will remain the main shareholder of Picard, with a majority stake of 51 per cent.
The transaction is expected to close in the last quarter of 2019,  subject to regulatory approvals and a works council consultation in France.
Freshfields partner Alan Mason and senior associate Camille Chiari advised ARYZTA on all corporate aspects of the transaction.
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