PAI, the private equity affiliate of BNP Paribas, has formed a partnership with Sodiaal, the French milk producer, to build Sodiaal's yoghurt brand, Yoplait.

Financial details of the deal were not disclosed, but PAI and Sodiaal plan to build Yoplait and eventually float it. Yoplait has a turnover of €900m ($793m) in France, with a global turnover of €2bn. It is the number two global player in the yoghurt and fresh dairy products market. PAI aims to take Yoplait public in the next four to five years.