BNP Paribas advised its private equity arm on the largest acquistion of a French company this year, the €1.5bn ($1.3bn) sale of Royal Canin, the pet food producer, to Mars of the US.

JP Morgan advised Masterfoods Holding, a fully owned French subsidiary of Mars, the privately held US confectionery and pet food manufacturer. Mars bought a 53% controlling stake in Royal Canin at €145 a share in cash from Paribas Affaires Industrielles (PAI), the private equity arm of BNP Paribas, and will offer the same to the remaining shareholders.