Netherlands-based food company CSM, which owns BakeMark UK, is to sell off part of its French subsidiary, Delices de la Tour, to French baker Panavi for approximately E15m.

CSM will sell the Delices de la Tour factory in Le Mans, which specialises in ’beignets’ and frozen pastries. All 140 factory employees will be transferred to Panavi.

The transaction, which does not include the stone-oven bread business of Delices de la Tour in Maubeuge, is expected to be complete in the first quarter of 2007