Maker of Napolina sauces, tinned fish and Flora sunflower oil sold for over €800m

Newlat Group will own around 44% of the new company, which will have expected consolidated turnover of about €3bn, Newlat said

Princes sells tinned fruit and fish under its own name, and has other brands including Flora sunflower oil and the Napolina range of Italian-style tomato sauces and cooking ingredients.

Italy's Newlat Food which makes pasta, milk and dairy, instant noodles and bakery products, has agreed to buy Princes for £700m (€823m) to add Flora oil, tinned fish, and Napolina sauces to its range. 

Newlat said it would pay £650m in cash and £50m from the sale of shares in parent Newlat Group, to Princes' current owner Mitsubishi Corporation. Mitsubishi will become the second largest shareholder in the enlarged company, which will be rebranded New Princes, with over 15% of voting rights.