Panzani Group and Cerealis have entered exclusive negotiations to merge, potentially forming a major European food company valued at approximately $2.02 billion USD (€1.8 billion). The proposed combination could generate around $1.1 billion USD (€1 billion) in annual revenues and employ nearly 1,800 people.
The merger aims to leverage the strengths of both companies. Panzani specializes in pasta, couscous, and sauces, primarily catering to markets in France, the Netherlands, and Central Europe. Meanwhile, Cerealis offers a range of products, including pasta, breakfast cereals, cereal bars, and biscuits, with a presence in Portugal, Spain, the Czech Republic, and Poland.
According to an announcement by the companies, the new operating model will maintain the autonomy of both Panzani and Cerealis. Panzani will continue to be headquartered in Lyon, France, under the leadership of current CEO Albert Mathieu, who will also manage the combined group’s Central Europe operations. Cerealis will maintain its headquarters in Porto, Portugal, with current CEO Paula Meireles overseeing the Iberian and International private label business. The executive vice-chairman of Cerealis, Pedro Moreira da Silva, will provide overall leadership for the merged entity.
The merger remains in the proposal stage, pending discussions with employee representatives and regulatory approval.
