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Mexico’s Grupo Bimbo SAB, the second largest bakery company in the world by revenue, may issue debt in the U.S. or Mexico to help finance its $959 million acquisition of Sara Lee Corp.’s fresh bakery assets in North America.
According to Armando Giner, director of investor relations at Bimbo, market conditions are favorable at the moment and the company is analyzing the possibility of issuing debt in both countries, as well as using bank financing. Get the full story »
Grupo Bimbo is the lead bidder to buy Sara Lee Corp.’s North American bread business for about $1 billion, though a deal could be several weeks away, Bloomberg News reported on Tuesday.
Sara Lee, which declined to comment, had said last month it planned to spend more on its North American bakery business and raise some prices as it looks to improve performance in that lagging business.
That announcement to invest in the business had come after some suitors walked away from the bakery auction, sources familiar with the situation previously told Reuters. Get the full story »
