Yildiz Holding has reportedly struck a deal to sell Turkish dairy arm Ak Gida to Lactalis.

Reports in Turkey said today (5 May) agreement had been reached on a business that Yildiz had been looking to float but which also had been the subject of takeover interest.

Reuters was among the outlets reporting the sale this afternoon, citing an unnamed source.

Officials for Yildiz and for Lactalis could not be reached when contacted by just-food.

Yildiz had been looking to float up to 45% of Ak Gida, which generates an annual turnover of around TRY1.6bn (US$589.9m). The company applied for the listing in March and shares were set to start trading on 11 May.

However, three weeks ago, Reuters reported there had been several offers for a stake in Ak Gida. A day later, Yildiz CFO Cem Karakas confirmed to Bloomberg there had been interest in the dairy unit but said he would prefer to press on with plans to float the business.

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By GlobalData