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April 6, 2011

FRANCE: Pains Jacquet owner Limagrain in talks to buy Brossard

French co-operative Limagrain is in exclusive talks to buy bakery firm Brossard, which is quoted on Paris's Alternext stock market.

French co-operative Limagrain is in exclusive talks to buy bakery firm Brossard, which is quoted on Paris’s Alternext stock market.

Limagrain, which owns industrial bakery group Pains Jacquet, said it is looking to acquire the 77.16% stake held in Brossard by its president and CEO, Guy Schumacher.

Brossard, which has an annual turnover of around EUR70m (US$100m) and employs 300 staff, is best known in France for its range of cakes, finger biscuits and brownies.  

“Acquiring Brossard would mark Pains Jacquet’s entry into the patisserie segment and be a significant addition to its burgeoning non-bread activities which at the moment cover wafers and crêpes and represent only a marginal part of its global turnover of EUR173m,” a spokeperson for Limagrain told just-food.

She added that Limagrain was hoping to conclude a takeover deal by the end of the month.  

In April last year, Brossard announced it was selling its frozen food business to Icelandic seafood group Alfesca. 

Schumacher said at the time that the divestment would allow the group to concentrate on its cake and biscuit-making activities.

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