Mexican bakery company Grupo Bimbo has said it is selling a 41.8% stake in packaging firm Novacel as part of the group’s plans to focus on its core customer-oriented business.

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Pechiney Plastic Packaging, a unit of French aluminium producer Pechiney, has reached an agreement to buy Novacel for US$90m in a deal which is expected to close this summer.


 

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