Canada Bread Co. Ltd shareholders voted 99.98% in favor of a takeover by Mexico’s Grupo Bimbo for $1.83 billion. The deal which was proposed in February has already received approval from the U.S. Department of Justice and the Canadian Competition Bureau. Maple Leaf Foods, which owns a 90% stake in Canada Bread has given its support to Grupo Bimbo, one of the world’s biggest bread companies. Maple Leaf is currently in the process of selling various assets as part of a restructuring scheme as its overall business is now focused on meat products. The deal is expected to close in the second quarter of 2014.
To receive relevant news stories with summaries provided by GAI Research & Insight, subscribe to Global AgDevelopments, our free bi-weekly enhanced eNews service