Greece's share watchdog has approved plans for the majority shareholder in food group Vivartia to buy the rest of the company.

Marfin Investment Group plans to launch a formal public offer for the 22.4% of Vivartia that it does not already own.

Marfin began building its stake in Vivartia back in July with the acquisition of a 30% stake for EUR549.8m (US$757.8m).

Vivartia, which was formed last year with the merger of dairy group Delta Holdings and snacks maker Chipita International, is market leader in a number of food categories in Greece.

The company has operations in 29 countries across Europe, Russia, Egypt, Saudi Arabia and the US.