New Zealand's Cooks Food Group said today (15 December) that it is set to buy the Diamond and DYC brands from Australia-based food group Goodman Fielder.

Cooks said it had agreed to pay NZ$12m (US$6.7m) for the "iconic " brands. Diamond sells a range of pasta and meals solutions products , while DYC is famous for cooking ingredients, including vinegar.

"The brands are market leading or a strong number two in the product segments in which they compete," Cooks said in a statement to the New Zealand Stock Exchange.

Cooks shareholders will vote on the deal in January but the company said it had been advised that shareholders holding over 80% of the business have pledged to vote in favour of the acquisition.