Mexican bakery giant Grupo Bimbo has secured the takeover of Argentinian peer Compania de Alimentos Fargo.

Bimbo, which owned 30% of the business, said today (19 September) that it had won regulatory approval for the deal, which sees the company acquire the rest of the business from majority shareholder Madera. Financial details were not disclosed.

Fargo is the largest bakery company in Argentina, with annual sales of around US$150m, Bimbo said. The company has five plants and employs around 1,500 people.

Bimbo said the deal “strengthened” its “regional profile” and “growth strategy” in Latin America.