Mexico's Grupo Bimbo SAB de CV, the world's No. 1 breadmaker, has agreed to purchase the bakery division of Saputo Inc in its second Canadian purchase this year.Bimbo subsidiary Canada Bread Company Ltd will pay C$120 million ($103.38 million) for Montreal-based Saputo's bakery, subject to conditions, including the approval of Canada's Competition Bureau, Saputo said on Thursday.The business includes one manufacturing facility in the Canadian province of Quebec, where it mostly makes snack cakes. Saputo's main business is dairy.In February, Grupo Bimbo agreed to buy Canada Bread from Maple Leaf Foods for C$1.83 billion. The other dominant Canadian baker is George Weston Ltd, parent of the Loblaw Cos Ltd grocery chain.
Maple Leaf Foods Inc., is a Canada-based meat, meals and bakery company. Shares of MFI traded higher by 3.26% or $0.595/share to $18.86. In the past year, the shares have traded as low as $15.09 and as high as $20.81. On average, 282073 shares of MFI.TO exchange hands on a given day and today's volume is recorded at 28863.
Saputo Inc. is a dairy processor in Canada and cheese producer in the United States. Shares of SAP fell by 1.07% or $-0.35/share to $32.32. 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 531261.
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