Unilever, the Anglo-Dutch consumer products group, said that it plans to buy out Elais-Unilever, valuing the Greek food company at €331.4 million (£224 million).
The consumer goods giant is offering €24.50 per share to buy out Elais-Unilever, in which it holds a 67 per cent stake. Elais shares jumped 18.9 per cent to the €24.50 offer price.
Last week Unilever agreed to sell most of its frozen foods business for €1.725 billion, with analysts urging it to return cash to shareholders.