France’s Savencia Fromage & Dairy is looking to buy South Korea distributor Bake Plus.

Savencia revealed yesterday (7 March) it had received competition approval for the acquisition and said the transaction “will be finalised soon”.

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Approached for further details, including why Savencia had moved to buy the business, a spokesperson said the French group would not comment.

Savencia exports products sold under its Elle & Vire brand and cheese lines to South Korea through local importers.

Last month, Savencia confirmed it had taken its shareholding in its cheese-making venture with Tunisia’s Groupe Délice to 50%.

The businesses set up La Compagnie Fromagère in 2008, with Délice owning 57.5% of the venture and Savencia – then called Bongrain – holding the remainder.

Savencia announced the Bake Plus acquisition alongside the publication of its 2017 financial results, which included a rise in turnover but decline in profits.

It also revealed it had taken its stake in Italy-based, family-owned cheese maker Ferrari to 49%.

Savencia booked its fall in annual earnings, despite rising sales, pointing to “significant increases” in commodity costs.