Get the app today! Download iPhone App Download Android App

Raising Dough: Bakery Giant Aryzta Strikes Deal With Banks

Published on Sep 11 2018 12:39 PM in A-Brands tagged: Ireland / Aryzta / Bakery / Switzerland / Cuisine De France / Paywall / Otis Spunkmeyer

Raising Dough: Bakery Giant Aryzta Strikes Deal With Banks

One of the world's largest bakery companies, Aryzta, has agreed an underwriting deal with five banks, setting the stage for raising €800 million in new capital to strengthen its balance sheet.

Shares in the maker of McDonald's burger buns and Otis Spunkmeyer cookies rose as much as 8% after the company named BofA Merrill Lynch and UBS as lead managers, and Credit Suisse, JP Morgan and HSBC Bank plc as joint global coordinators of its capital raising.

The Swiss-Irish company has warned on its at least three times since 2017 due to rising distribution and labour costs in North America, problems with undocumented workers at a U.S. bakery, high butter prices and weak consumer spending in some European markets, particularly Britain following its vote to leave the European Union.

please subscribe or sign in to continue reading

image description

Try European Supermarket Magazine PREMIUM – 30 Day FREE Trial.

A trial subscription gives unrestricted access to all premium site content, app content, weekly email content and European Supermarket Magazine digital edition for a full 30 days. Try it now!

Share on Facebook Share on Twitter Share on LinkedIn Share via Email