Limagrain, the French agricultural co-operative, has agreed a deal to buy bakery firm Brossard.

The two sides had been in exclusive talks over a deal and today (15 April) Limagrain announced it had signed an agreement with Brossard president and CEO Guy Schumacher – the company’s majority shareholder – to take an initial 77.16% stake in the firm.

The deal remains subject to approval from France’s competition authorities. Should Limagrain get the green light, under French stock market rules, it will then have to table an offer for the rest of Brossard’s shares.

Brossard, which has an annual turnover of around EUR70m (US$101.2m) and employs 300 staff, is best known in France for its range of cakes, finger biscuits and brownies.