Unilever has announced it will be restructuring its Portuguese foods business with its current joint venture partner, Jeronimo Martins Group.

Unilever Portugal has held a 40% stake in the FimaVG foods business, a JV with Jeronimo Martins Group, as well as its wholly owned Bestfoods business, acquired in 2000.

The JV stakes will be rebalanced in the deal, so that Unilever will hold 49% of the combined foods business and Jeronimo 51%.

Unilever is expected to receive E80m as a result of the deal, which is subject to approval.