Czech bakery group Penam is set to enter the Hungarian market through the acquisition of bread maker Ceres.
The deal also sees Penam, which is controlled by Czech food conglomerate Agrofert, take control of Ceres subsidiary Multi, which focuses on gluten-free products.
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Penam general director Jaroslav Kurcíksaid that the acquisition would expand its presence central Europe, increasing its range of toast breads and providing the opportunity to extend the company’s portfolio of pre-baked products.
Financial details of the deal were not disclosed.
The takeover still has to be approved by anti-monopoly offices.
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By GlobalData
