Grupo Bimbo today (22 June) confirmed it has struck an agreement to buy parts of Spanish bakery company Panrico.

Reports in Spain had suggested over the weekend and earlier today a deal had been reached, although neither company – nor Panrico's private-equity owner Oaktree Capital Management – had commented publicly.

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In a statement to the Mexican stock exchange, Bimbo said it has signed a "preliminary agreement to acquire Panrico in Spain and Portugal".

Bimbo added: "This acquisition includes 100% of the shares, excluding the branded packaged bread
category."

The company said the deal remained subject to due diligence, a final agreement being completed and "customary regulatory approvals".

Apart from packaged bread, Bimbo makes bakery snacks under brands including Bollycao, Donuts and Don.

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