Aryzta shares decline on lack of asset sale progress

Shares in Cuisine de France owner Aryzta fell by over 4% yesterday after the company tempered speculation it was closing in on a sale of its controversial 49% stake in French high-end food retailer Picard.

Shares in the Irish-Swiss baked goods group rose sharply late last week — jumping by nearly 7% on Friday — upon such speculation.

However, in a brief stock exchange announcement, Aryzta yesterday said it was still evaluating “alternatives” for its Picard shareholding, something it has already stated this year.