Mexican bread giant Grupo Bimbo, the third largest bread maker in the world, has completed its US$610m acquisition of the US baking unit of Canada’s George Weston Ltd.
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Bimbo said yesterday [Monday] in a statement: “Payment was made after obtaining a bridge loan from Bank of America, Citibank, ING Bank and JP Morgan Chase Bank.”
The deal, which was previously announced on 22 January, sees Bimbo acquire five Oroweat production facilities in the US. It also means the addition of big-name brands such as Entenmann’s cakes and Thomas’ English muffins to Bimbo’s US portfolio, and gives the group distribution rights for the Boboli brand of pizza crusts across 23 western US states.
