Spanish food group Ebro Puleva has agreed to offer €639m (US$847.2m) in cash and debt for 100% of French food company Panzani.

The Spanish company valued the deal at €639m, including the assumption of €302m in debt, reported Reuters. Ebro Puleva said the deal is conditional on receiving approval from the French and German competition authorities.

Panzani makes pasta, sauces and semolina, and has a market share of 32-36% in the French market for dry pasta, rice, sauces and fresh pasta.

Ebro Puleva said Panzani shareholders have three months in which to accept the takeover offer.