Irish food and agribusiness group IAWS has moved a step closer to its planned merger with Swiss baker Hiestand after Swiss regulatory authorities cleared the deal.

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The Swiss Takeover Board has approved the plan to create Aryzta, a EUR2.7bn (US$4.3bn) baked goods firm.


The deal now requires the approval of both companies’ shareholders, although reports in Switzerland claim some Hiestand shareholders are unhappy with the deal.


Under the plans announced last month, IAWS will acquire a 32% stake held in Hiestand by private equity firm Lion Capital for 12.7m IAWS shares and EUR30m cash.


Subsequently, for every two IAWS shares, shareholders will receive one Aryzta share.

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Hiestand’s board of directors has recommended to shareholders that they approve the merger with Aryzta at an extraordinary general meeting on 19 August.