Bimbo/Canada Bread deal set to close on May 23

by Eric Schroeder
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MEXICO CITY — Grupo Bimbo, S.A.B. de C.V.’s acquisition of Canada Bread Co. Ltd. is set to close May 23 after the companies received approval from the Canadian Minister of Industry on May 13 to complete the transaction.

The transaction previously received shareholder approval and clearance under the Competition Act and the Hart-Scott-Rodino Act, and at a special shareholder meeting April 3, the transaction was approved by Canada Bread shareholders. The Ontario Superior Court of Justice issued a final order approving the deal on April 9.

Grupo Bimbo announced in February its agreement to acquire Canada Bread in a transaction valued at $1,663 million. The acquired company has annual sales of $1,300 million and is a baker and marketer of value-added flour-based products, including fresh bread, rolls, bagels and frozen partially baked or par-baked breads and bagels. The company, which employs 5,400, is 90% owned by Maple Leaf Foods Inc. Its common shares are listed on the Toronto Stock Exchange under the ticker symbol CBY.
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