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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData