Mexico: Bimbo / Canada Bread deal receives approval
Grupo Bimbo, S.A.B. de C.V.’s acquisition of Canada Bread Co. Ltd. is set to close on May 23rd after the Canadian Minister of Industry gave approval for the transaction to be completed.
Food Business News reports that the transaction previously received shareholder approval and clearance under the Competition Act and the Hart-Scott-Rodino Act. It also had approval at a special shareholder meeting on April 3, by Canada Bread shareholders, with the Ontario Superior Court of Justice issuing a final order approving the deal on April 9.
In February, Grupo Bimbo announced plans to acquire Canada Bread in a deal valued at CAN $ 1,663 million (US$1,529 million), with the latter company having annual sales of CAN $ 1,300 million ($1,196 million). Canada Bread is a manufacturer and marketer of value-added flour-based products, including fresh bread, rolls, bagels and frozen partially baked and par-baked breads and bagels employs around 5,400 staff.
Source: Food Business News