Shareholders of Aryzta, formerly IAWS, could face dilution of the scale seen by the banks following the bailout 10 years ago. The proposals will be put to a shareholder vote at the AGM on 1 November.

The embattled baker is seeking to raise €800m through a rights issue to mainly reduce its €1.5bn debts. This plan is seen as critical to shoring up the global business which has roots going back to the co-op movement.