Bimbo to Buy Canada Bread from Maple Leaf Foods Adam Williams and Liezel Hill - Bloomberg News
go to original February 13, 2014

CNBC's Michelle Caruso-Cabrera talks with the CEO of the world largest bread producer about his plans to acquire brand names and grow his company. (CNBC)

Grupo Bimbo SAB, the world’s largest bread maker, agreed to acquire Maple Leaf Foods’ Canadian baked-goods business for about C$1.83 billion ($1.66 billion) to further expand outside of its home market in Mexico.

The purchase price for Canada Bread Co. is C$72 a share, Toronto-based Maple Leaf said today in a statement. That’s 18 percent more than the closing price on the last day of regular trading before Maple Leaf said it was exploring options for the company.

The deal is Bimbo’s biggest since its $2.5 billion acquisition of George Weston Ltd’s U.S. operations in 2009, according to data compiled by Bloomberg. The producer of Sara Lee products said buying Canada Bread will help strengthen its presence in the Americas.

Read the rest at Businessweek

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