Aryzta announced this morning it is to sell the majority of its Picard stake for a total consideration of €156m. It will sell a 43% stake to Invest Group Zouari for €156m.

In 2015, analysts were critical when Aryzta bought a 49% stake in the frozen food manufacturer for €447m. It will now retain 4.5% in Picard to be monetised at a later stage.