Subscribe Login
DE4CC0DE-5FC3-4494-BCBF-4D50B00366B5
A-Brands

Nestlé To Formally Acquire Brazil’s Garoto

Nestlé is close to competing its takeover of Brazilian chocolate manufacturer Garoto, according to the firm's managing director.

Speaking to local portal G1, Liberato Milo said that the two companies are working closely with the Administrative Council for Economic Defense (Cade) “to reach the best possible deal”.

Nestlé has been investing in Garoto since 2002, however Brazil’s antitrust authority vetoed a potential merger in 2004, on the grounds that it would hinder competition in the domestic chocolate market.

Since then, operations manufacturing and management have remained separate, but the formalisation of the takeover should give greater legal certainty to the business of the group.

Garoto's estimated turnover for 2016 is of BRL 2.5 billion (€687 million).

© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. To subscribe to ESM: The European Supermarket Magazine, click here.

Stay Connected With Our Weekly Newsletter

Processing your request...

Thanks! please check your email to confirm your subscription.

By signing up you are agreeing to our Terms & Conditions and Privacy Policy
Enjoy unlimited digital access for 30 days
Get exclusive access to the latest grocery retail & FMCG news, interviews with industry leading executives, and expert analysis on the trends shaping the sector today
Enjoy unlimited digital access for 30 days
Enjoy unlimited digital access for 30 days
Get exclusive access to the latest grocery retail & FMCG news, interviews with industry leading executives, and expert analysis on the trends shaping the sector today
Enjoy unlimited digital access for 30 days