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

Nestlé To Formally Acquire Brazil’s Garoto

By Branislav Pekic
Share this article
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.

ADVERTISEMENT
Get the week's top grocery retail news

The most important stories from European grocery retail direct to your inbox every Thursday

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. You can unsubscribe at any time.