Aryzta sells remaining stake in Origin Enterprises for €228.5m

Aryzta has sold its remaining 29 per cent stake in Irish agri-services group Origin Enterprises for €228.5 million.

Earlier this year Aryzta raised more than €404 million from the sale of 49 million shares in Origin Enterprises. At that stage Aryzta cut its stake in Origin from 68 per cent to 29 per cent. It will now sell out completely.

The Swiss-based food group today sold more than 36 million shares in Origin, representing some 29 per cent of the company’s existing share capital.

The company got €6.30 per share, raising gross proceeds of €228.5 million.

Aryzta chief executive Owen Killian said Origin Enterprises is "an outstanding company and has carved out a niche as the most innovative, research based Agronomy Business in Europe".

Mr Killian will resign as chairman of Origin Enterprises in October, having held the role since the business was launched in 2006.

Origin yesterday reported largely flat operating profit of €93 million for the year to end July on revenues of €1.46 billion. It warned that poor conditions in the farming sector worldwide would affect demand in future, leading to analysts trimming profit forecasts.

Origin has restructured significantly in recent years, specialising in the agricultural supply business and recently selling its 32 per cent stake in Valeo Foods for nearly €87 million.