Yildiz Holdings AS, the owners of Turkey's third biggest dairy processor AK Gida, have abandoned an initial public offering after selling a majority stake in the company to giant French cheese-maker, Groupe Lactalis.

Turkey’s Yildiz and Topbas families, together with other investors, sold 80% of the Istanbul-based dairy maker this week for €704 million. This price was over €100 million more than the company’s prospected float value for the whole company.

AK Gida is Turkey’s 33rd largest industrial company, according to the Istanbul Chamber of Commerce.

Lactalis is the world’s number one dairy producer with a turnover of over €16 billion in 70 countries worldwide.