The merger between Irish food group IAWS and Switzerland’s Hiestand edged one step closer today (4 August) when the anti-trust authorities of Poland, Germany and Ireland approved the deal.
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“This means that all responsible anti-trust authorities have now approved the merger of Hiestand and IAWS,” Hiestand said.
The merger will see the creation of a new EUR2.7bn (US$4.3bn) baked goods company, Aryzta AG, which will be listed on the Irish and Swiss exchanges.
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Hiestand shareholders must now approve the deal for the merger to go ahead.
Following anti-trust approval, IAWS acquired 32% of Hiestand formerly owned by investment fund Lion Capital, bringing its total stake to 64%: a majority that should swing the deal.
However, Hiestand’s free float shareholders are less happy with the proposal, even threatening legal action to block the merger.
IAWS declined to comment, stating that it has entered a “closed period” until the merger goes through.
Hiestand will hold an extraordinary general meeting when the vote will be held on 19 August.
