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Grupo Bimbo gets full clearance on Canada Bread

25-Mar-2014

Grupo Bimbo purchased Canada Bread for C$1.83bn in February, 2014
Grupo Bimbo purchased Canada Bread for C$1.83bn in February, 2014

Grupo Bimbo has received US and Canadian clearance for its $C1.83bn Canada Bread acquisition.

The US Department of Justice, under the Hart-Scott-Rodino act, ruled that the acquisition could proceed. Canada’s Competition Bureau cleared the buy-out earlier this month.

The Mexican bread titan snapped up the Canadian bread company last month, buying 90% of the company off its parent firm Maple Leaf Foods.

Grupo Bimbo CEO Daniel Servitje said the purchase advanced Bimbo’s global strategy and moved it into an “attractive” market .

The transaction is expected to close in the second quarter of 2014.

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