Thread: Grupo Bimbo buys Canada Bread for $1.7 BILLION

Grupo Bimbo buys Canada Bread for $1.7 billion

Roger Yu, USA TODAY4:31 p.m. EST February 12, 2014


(Photo: BRENDAN SMIALOWSKI AFP/Getty Images)

STORY HIGHLIGHTS

• Maple Leaf Foods, owner of 90% of Canada Bread, favors the deal.
• Deal expands North American operations for Bimbo, the world's largest bread maker
• Bimbo produces Wonder Bread in Mexico, owns Ball Park brand

Grupo Bimbo, the Mexican bakery company, said Wednesday it has agreed to pay $1.7 billion to buy Canada Bread Co. in a deal that expands the North American operations for the world's largest bread maker.

Maple Leaf Foods, which owns 90% of the outstanding shares of Toronto-based Canada Bread, has agreed to vote for the deal.

Shareholders of Canada Bread will receive $72 Canadian dollars per share, representing a 31% premium to its closing price on the Toronto Stock Exchange of $61.25 on Oct. 18, 2013. A day earlier, Maple Leaf announced its intention to explore a possible sale of the bakery business. The total acquisition price is about $1.83 billion in Canadian dollars.

With about 5,400 employees, Canada Bread is one of the largest food makers in the country, with product lines ranging from bread and bagels to frozen foods.

Grupo Bimbo, which bought Sara Lee's North American fresh bakery business in 2011 for $709 million, operates in 19 countries worldwide and sells more than 10,000 products.

Bimbo bakes and distributes Wonder Bread in Mexico, but its Bimbo bread line is also well known throughout Latin America and Spain. Some of the more familiar Bimbo products in the U.S. include Thomas' English Muffins, Entenmann's and Ball Park buns.

The transaction, which still requires approval by Canada Bread shareholders, is expected to close in the second quarter.

http://www.usatoday.com/story/money/...bread/5420069/

I read somewhere that there are more billionaires per capita in Mexico than there are in the United States. Too bad that none of them favor taking care of their own poor people. So much easier to dump them on us.
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Americans first in this magnificent country

American jobs for American workers

Fair trade, not free trade

RELATED

Carlos Slim - Wikipedia, the free encyclopedia

en.wikipedia.org/wiki/Carlos_Slim‎
Wikipedia

Carlos Slim Helú (Spanish pronunciation: [ˈkaɾlos esˈlin eˈlu]; born January 28, 1940) is a Mexican business magnate, investor, and philanthropist . . .

Philanthropy[edit]

In 1995 he established Fundación Telmex, a broad-ranging philanthropic foundation.
This followed the creation of his eponymous non-profit philanthropic foundation, Fundación Carlos Slim Helú in 1986. In 2007 Slim announced that the latter body had been provided with an asset base of $4 billion and that it would be establishing Carso Institutes for Health, Sports and Education. Furthermore, it was to work in support of an initiative of Bill Clinton to aid the people of Latin America.^[8] Because Mexican foundations are not required to publish their financial information, it is not possible to confirm Slim’s claims of charitable giving through a public source.

Among the activities of Fundación Telmex has been the organisation of Copa Telmex, an amateur sports tournament which in 2007 was recognised by Guinness World Records as having the most participants of any such tournament in the world, a record which it extended in 2008.

Together with Fundación Carlos Slim Helú, this organisation announced in the same year that it was to invest more than $250 million in Mexican sports programmes, from grass-roots level to Olympic standard.^[8]
The Fundación Carlos Slim Helú sponsors the Museo Soumaya in Mexico City which contains the world's second-largest (and largest private) collection of Rodin sculptures, including The Kiss. Named after Slim's late wife, Soumaya Domit, the Museo Soumaya holds 66,000 pieces, including religious relics, works by Leonardo da Vinci,Pablo Picasso, Pierre-Auguste Renoir, and coins from the viceroys of Spain. In particular, the museum holds the largest Dalí collection in Latin America.^[29] It was inaugurated in 2011 by the President of Mexico, Nobel Prize laureates and other celebrities.^[30]

In 2000, Slim, along with ex-broadcaster Jacobo Zabludowsky organized the Fundación del Centro Histórico de la Ciudad de México A.C. (Mexico City Historic Downtown Foundation), with the objective of revitalizing and rescuing Mexico City's historic downtown area to enable more people to live, work and find entertainment there.^[8] He has been Chairman of the Council for the Restoration of the Historic Downtown of Mexico City since 2001.^[31]

In 2011 he, along with the President of Mexico, Mexico City Mayor and Mexico City Archbishop, inaugurated the first phase of Plaza Mariana close to Basilica de Guadalupe.^[32] The complex, whose construction was funded by Slim, includes an evangelization center, museum, columbarium, health center, market and parking lot.^[33]

In May 2011, Slim was mentioned in Forbes' World's Biggest Givers after stating that he had donated $4 billion to his foundation.^{[34] . . .}

http://en.wikipedia.org/wiki/Carlos_Slim#Philanthropy

See what the Carlos Slim Foundation does

@ http://carlosslim.com/pdf/reporte_fc...2012_ing01.pdf