MEXICO CITY (Reuters) - Mexico’s Grupo Bimbo (BIMBOA.MX) said on Tuesday that it had gained approval from Canada’s competition regulator to buy Canada Bread Company CBY.TO for $1.66 billion, its latest in a string of North American takeovers.
The deal, which was announced in February, is still subject to the approval of the United States’ Department of Justice and the Canadian Minister of Industry, Bimbo said, adding that it expects both in the second quarter.
Grupo Bimbo, one of the world’s largest bread makers, has expanded its footprint in recent years, acquiring Sara Lee Corp’s North American bakery business in 2010 and buying Hostess Brands’ Beefsteak bread in 2013.
Shares in Bimbo were up 3.4 percent at 1850 GMT to 33.65 pesos after the announcement.
Reporting by Veronica Gomez; Writing by Christine Murray; Editing by Cynthia Osterman