McVitie’s and Jaffa Cakes maker United Biscuits is to be swallowed up by Turkish food conglomerate Yildiz Holdings in a deal believed to be worth £2bn (€2.56bn), it was announced today.

Turkey’s largest food group, Yildiz Holding, has signed a deal to sell its yeast-making unit, Dosu Maya, to French company Le Saffre for €160m, Yildiz chairman Murat Ulker said.