CATERING group Compass has tabled a £374m offer to buy the remaining two-thirds of Swiss food vending business Selecta.
Compass, which has now completed its demerger from the Granada Media group, already owns a 33.3 per cent stake in Selecta.
It is launching a friendly cash offer of £374m to buy the remaining share, in a move it said would create a powerful force in both the European and North-American vending machine market.
Selecta is the largest European-wide vending business, with an annual turnover of £343m. Its Canteen Vending subsidiary is number one in the North American market.
Michael Bailey, Compass chief executive said: "The acquisition of the remaining 67 per cent of Selecta is an excellent strategic step.
"Together we see good business opportunities and purchasing synergies, and we believe that this move will provide a strong platform for the further consolidation of the European foodservice and vending market.
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