French farmers cooperative Axéréal has reached an agreement with Greencore Group PLC to acquire Greencore Malt through the Axéréal malting business Boortmalt Group. The completion of this agreement is conditioned upon the approval of Greencore Group shareholders.

The acquisition would bump Boortmalt Group up from the world’s seventh largest malting business to the world’s fifth largest malting business and the third largest in Europe, according to Axéréal. Boortmalt, which is headquartered in Antwerp, Belgium, would have a production capacity of more than 1.1 million tonnes at its 11 European malting plants.

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Axéréal has 13,000 farmer members and revenues of €2.8B. It trades 8 million tonnes of grain annually.