French dairy group Lactalis has confirmed plans to buy a controlling stake in Turkish dairy Ak Gida from Yildiz Holding.
A spokesperson for the French cheese maker, which also controls Italy's Parmalat , told just-food Lactalis will take an 80% stake in Ak Gida.
Further details were not available at time of press. However, local reports suggest the deal is valued at around US$800m.
The sale sees Yildiz abandon plans to list the Istanbul-based dairy maker. According to the company's prospectus, the company's float value was expected to stand at TRY1.85bn (US$668m) and TRY2.2bn.