Swiss bakery Hiestand and Irish group IAWS have completed their merger to become the world’s biggest producer of frozen baked goods.

The creation of the new £2bn company Aryzta was initially approved in June, but was then subject to an anti-trust assessment. It was finally completed last month when 91.3% of Hiestand’s shareholders agreed the move. Shares in the new company began trading on the Dublin and Zurich stock exchanges on 22 August.

IAWS chief executive Owen Killian said: "Aryzta will be the leader in value-added baked goods, serving our 200,000 customers across the globe."