Logistics company Christian Salvesen is to be sold to French rival Norbert Dentressangle Group for £254.4m, ending a decade-long saga of takeover bids and restructures.
Northampton-based Salvesen, which distributes for bakery companies including Manor Bakeries and Vandemoortele, has 200 sites in the UK and Europe.
Norbert Dentressangle said the deal would create a European transport and logistics leader, with combined sales of €2.9bn.
The deal would make the new group stronger, particularly in distribution and refrigerated and frozen logistics, it said.
Christian Salvesen chairman David Fish said the two companies had "a strong strategic fit".
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