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Aryzta's Main Shareholder Cobas Opposes Share-Sale Plan

  • Cobas, which owns almost 15%, says it will propose alternative
  • Shares surge 36% as baker forecasts first growth in four years
Inside McDonald's Holdings Co. Japan Restaurant
Photographer: Noriko Hayashi/Bloomberg
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Aryzta AG faced a call from its largest shareholder to abandon its plans to sell as much as 800 million euros ($929 million) of stock after the struggling Swiss maker of McDonald’s buns forecast its first earnings increase in four years.

Cobas Asset Management, led by Spanish investor Francisco Garcia Parames, said Monday it plans to present alternative ways to boost Aryzta’s finances soon after the company said it expects mid- to high-single-digit percentage growth this fiscal year.