Bakkavor is to sell the rest of its shares in Italy-based frozen pizza business Italpizza.

The UK-based own-label group sold 40% of Italpizza last year to Dreamfood, an investment company controlled by Cristian Pederzini, the MD of the Italian firm.

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Bakkavor said today (16 April) Dreamfood would exercise an option in the deal to buy the rest of the shares. Last year's deal included a three-year option for Dreamfood to acquire 100% of Italpizza.

The transaction is expected to be closed in the second half of the year.

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