Bimbo completes the acquisition of a Chinese company

Grupo Bimbo completed Thursday the acquisition of Grupo Mankattan an important player in the bakery industry in China.

In a statement sent to the Mexican Stock Exchange (BMV), the company pointed out that she had received satisfaction from the usual conditions for this kind of operations, including the necessary regulatory approvals.

" We are pleased to welcome the 1,900 employees of Mankattan to the Grupo Bimbo family .Mankattan has built a strong customer base in key markets, as well as an activity that complements our product portfolio, our manufacturing footprint and our distribution network, and it strengthens our presence in the country, "said Daniel Servitje, chairman of the board of directors and general manager of the company.

For this operation, Grupo Bimbo raised in April 500 million dollars with the issue of a perpetual hybrid bond for a term of five years and a rate of 5.95%.

"(This instrument) preserves our strong financial position, positively contributes to the strength, stability and flexibility of the capital structure, reinforces our debt reduction commitment, contributes with more liquidity and our strong investment grade rating. investment". Gaxiola, chief financial officer of the company.