Bread brand was auctioned in July after Mexico’s Bimbo struggled to complete a divestment required by Brazil’s competition watchdog
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Panco has formally submitted an offer to acquire bread brand Nutrella, which was sold at auction in July after Mexico’s Bimbo ran into difficulties completing a divestment required by Brazil’s antitrust watchdog, the Administrative Council for Economic Defense (Cade).
The move suggests Panco placed the auction’s highest bid, R$4.7 million, for the brand. On Tuesday (25), Cade opened a separate proceeding to review the transaction.
The sale of Nutrella is part of a merger-control agreement reached by Bimbo and Cade in September 2025 that cleared the Mexican company’s acquisition of Wickbold’s brands and operations. The agreement required Bimbo to divest certain assets.
Panco filed a petition asking Cade to remove documents related to the transaction from the public case file and keep them confidential. Pandurata, owner of Bauducco, is also listed as an interested party.
Auction process
Nutrella was due to be divested after Bimbo completed its acquisition of Wickbold, with the Mexican company temporarily managing the brand.
The process dragged on after Cade rejected four prospective buyers submitted by Bimbo. Once an extended deadline expired, the regulator ordered the brand to be auctioned without a minimum price, with trustee Protiviti overseeing the process.
Mega Leilões held the auction on July 24. The highest bid in the first round was R$3 million, rising to R$4.7 million in the second.
Asked for comment, Panco told Valor that it “does not comment on market rumors or speculation about potential negotiations.” The company also said it continues to monitor trends and opportunities in the food industry.
Bauducco declined to comment.
By Vitória Nascimento, Valor — São Paulo
Source: Valor International