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Thursday, December 18, 2014

Mexico's Grupo Bimbo to purchase Saputo bakery business, (TSE: SAP.TO)

A subsidiary of Mexico's Grupo Bimbo SAB de CV has agreed to purchase the bakery division of Canada's Saputo Inc, Saputo said on Thursday in a statement. Canada Bread Company Ltd will pay C$120 million ($103.38 million) for Saputo's bakery, subject to conditions, including the approval of Canada's Competition Bureau. ($1 = 1.1608 Canadian dollars)

Saputo Inc. is a dairy processor in Canada and cheese producer in the United States. Shares of SAP fell by 1.03% or $-0.34/share to $32.67. In the past year, the shares have traded as low as $23.94 and as high as $34.93. On average, 474706 shares of SAP.TO exchange hands on a given day and today's volume is recorded at 905922.