Speciality bakery company Aryzta has played down market speculation that it was close to securing the sale of its 49% shareholding in Picard, the French frozen food company. In a statement released this week, Aryzta said it was “evaluating alternatives” for its 49% stake in Picard and reviewing its core business activities.

The announcement comes after shares in Aryzta rose more than 8% in trading last Friday to highs of €33.67, as market speculation mounted that the Swiss-headquartered group was on the verge of selling its shareholding in Picard.

Aryzta said it was not in a position to provide guidance on its performance, given the pace of management transition taking place at the company. The Cuisine de France maker is still in the process of appointing a new senior executive team, following the departures of former chief executive Owen Killian, company CFO and COO Patrick McEniff and John Yamin, chief executive of Aryzta’s American operations, in March.