Bimbo Group has announced that it has finalised its acquisition of Panrico, after receiving the authorisation of the National Commission of Markets and Competence (CNMC) in Spain and Portuguese competition authorities.
The purchase includes 100 per cent of Panrico's shares and the simultaneous sale to Adam Foods of Panrico's brands, as well as other assets for bread and byproducts in Spain, Portugal and Andorra.
This acquisition is part of Bimbo Group's strategy to strengthen its position in Spain and Portugal by complementing its portfolio of products, facilities and distribution network.
"The addition of well known and complementary brands, along with the experience in the sector that both companies have and the potential of their professionals and distribution networks, will allow us to capitalise in new opportunities that appear in a very competitive market", said José Manuel González Guzmán, General Director of Bimbo Iberia.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Gabriela Guédez. To subscribe to ESM: The European Supermarket Magazine, click here.
