Athens, July 24 - Greek dairy group Delta Holdings said on Monday it reached a preliminary agreement to buy 45.8 percent of Christies Dairies for 0.3 Cypriot pounds a share.
Delta said the non-binding deal, based on a letter of intent, is subject to due diligence and permission from regulatory authorities.
"In case the deal is finalised, there will be a tender offer for all of Christies Dairies shares as per Cypriot law," Delta said.
Delta will buy the Christies shares from Cyprus's Shakolas Group and the Cyprus Trading Corporation.
Earlier in the month, Shakolas had said it was in talks to sell its stake in Christies to a company based in the European Union for an undisclosed amount.
Delta will change its corporate name to Vivartia after it completes its merger with Greek snacks maker Chipita.