Mexican bakery giant Grupo Bimbo has reportedly struck a deal to buy Spanish company Panrico.

A report by Spanish business publication Expansion, published today (22 June) said Bimbo had signed a preliminary agreement to buy Panrico and would start due diligence today.

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Media reports in Spain published on Friday and over the weekend, suggested a deal was set to be announced.

Officials representing Bimbo in Spain were unavailable for comment when contacted by just-food.

Private-equity firm Oaktree Capital Management, the owner of Panrico, declined to comment.

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