Grupo Bimbo Completes Panrico Acquisition

Mexico City / MX. (gb) Grupo Bimbo S.A.B. de C.V. announced that the Company has completed the acquisition of 100 percent of the shares of Panrico S.A.U. in Spain and Portugal – after receiving the authorization from the National Markets and Competition Commissions of the Spanish and Portuguese Competition Authorities. Grupo Bimbo has also obtained the decision of the Spanish Supreme Court on the validity of the Employment Regulation File that Panrico held in 2013. The acquisition for a cash price of 190 million EUR excludes Panrico’s branded packaged bread category. The financial results will be reflected in the consolidated financial statements of Grupo Bimbo from the third quarter of this year. To finance this transaction, the Company uses funding available under an existing Euro-denominated long-term credit line. The final agreement to acquire 100 percent of the shares of Panrico S.A.U. in Spain and Portugal, excluding the branded packaged bread category, for a cash price of 190 million EUR, Grupo Bimbo S.A.B. de C.V. announced in July 2015.