Chocolate producer Groupe Cemoi de Perpignan is set to take a majority stake in struggling French counterpart Jacquot.

The deal will be done through a EUR17m (US$22.8m) recapitalisation of Jacquot, offsetting the prospect of the family-owned firm filing for bankruptcy. The move remains subject to approval from the French authorities.

Jacquot specialises in seasonal chocolate with an annual output of 22,000 tonnes. The company has an annual turnover of EUR120m, around a quarter of which is earned from business in 70 countries.

Earlier this month, Cemoi acquired Polish firm Gryf Confectionery Industry Enterprise.