Anglo-Dutch consumer goods giant Unilever has announced that it will be restructuring its Portuguese food business with its current joint venture partner, Jeronimo Martins Group.

Until now, Unilever Portugal has held a 40% stake in the FimaVG foods business, a joint venture with Jeronimo Martins Group, in addition to its wholly owned Bestfoods business acquired in 2000.

The deal sees the two foods businesses – FimaVG and Unilever Bestfoods Portugal – unified and the joint venture stakes re-balanced so that Unilever will subsequently hold 49% of the combined foods business and Jeronimo Martins Group 51%.

Unilever said it will receive approximately €80m (US$106.9m) as a result of the deal, which is subject to regulatory approval.