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Under the proposed transaction, Panzani's owner CVC Capital Partners would retain a minority stake in the combined business.
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The Food Safety and Standards Authority of India (FSSAI) has issued notices to Nestlé India and Hindustan Unilever.
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Bluegem Capital Partners is investing alongside the Rispo management team, which will hold a minority interest.
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Grespan manufactures and sells frozen bakery products, primarily to customers across Brazil's south-eastern and mid-west regions.
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The company's share price tumbled more than 50% by the close of trading in New York.
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One of the food industry’s most notable M&A deals of the last 18 months is showing signs of success.
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Starting 26 October, a selection of Picard products will be available in more than 150 Sainsbury's stores.
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Marchi will leave Granarolo on 31 October after a tenure of over 22 years at the business and eight as general manager.
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The Peruvian company said adding Mexican production will “complement” its harvest cycles and “diversify” sourcing.
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