Turkish food giant Yıldız Holding said on Friday it has sold a $400 million stake in biscuit maker Ülker to its London-based holding company, to which it has moved its core biscuit, chocolate and confectionery businesses.
With the move Yıldız sold 21 percent of its stakes in Ülker Bisküvi to its wholly owned unit Pladis Foods Limited at 19.5 lira per share price at total of 1.4 billion lira ($398.33 million).
The company's direct shareholding in Ülker decreased to 28.92 percent from 49.92 percent, but its total ownership did not change.
Outside of Turkey Yıldız is better known for its international brands which include Godiva chocolates, McVities' biscuits and DeMet's.
Yıldız, which it says is the largest food manufacturer in central and eastern Europe, the Middle East and Africa, eventually plans to list the shares in Pladis, the UK holding company.
Pladis has operations in 120 countries across Europe, Middle East, Africa, Asia and the Americas.
In November 2014, Yıldız Holding - with a workforce of approximately 50,000 people in its factories across the world - acquired the U.K.-based United Biscuits, which made the Holding the world's second largest food manufacturer.
United Biscuits brands include McVitie's, Jaffa Cakes, Jacob's, Go Ahead and Carr's.
