The sale of Spanish bakery Panrico to US investment fund Oaktree has been cleared by the European Commission.

Brussels decided to look into Oaktree’s bid to hold a majority stake in Panrico due to the fund’s ownership of packaging maker Nordenia. It looked into the “vertical relationship” between Panrico and Nordenia.

Go deeper with GlobalData

Go deeper with GlobalData

The gold standard of business intelligence.

Find out more

Discover B2B Marketing That Performs

Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.

Find out more

However, the Commission said Nordenia had a low share of the upstream market for flexible packaging for bread and bakery products and ruled the deal would not affect competition.

“The merged entity would lack the ability to shout out competitors from supplies,” the Commission said today (19 December).

In a deal with banks to lower its debts, Panrico agreed for Oaktree to take its stake in the company from 25% to around 80%.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

Just Food Excellence Awards - The Benefits of Entering

Gain the recognition you deserve! The Just Food Excellence Awards celebrate innovation, leadership, and impact. By entering, you showcase your achievements, elevate your industry profile, and position yourself among top leaders driving food industry advancements. Don’t miss your chance to stand out—submit your entry today!

Nominate Now