Speciality bakery giant Aryzta has confirmed that it has entered into formal takeover talks with Elliott Advisors, a New York-based investment fund. On Thursday, Aryzta informed financial markets that it has now entered into what it termed “advanced discussions” with Elliott Advisors for the potential sale of the company.

No further details were disclosed and Aryzta said there is no certainty that Elliott will actually table a formal takeover offer for the company. Elliott Advisors manages almost €35bn in assets. Its investors include pension plans, sovereign wealth funds and high-net worth individuals and families.