News | May 10, 1999

Mexico's Carso Buys Bakery Chain

According to a report from Reuters, Mexican conglomerate Grupo Carso's retail unit, Grupo Sanborns (Mexico City), has acquired a majority stake in bakery chain Pasteleria Francesa. In a statement, Carso indicated it paid 531 million pesos ($56 million) for 60.32% of Pasteleria Francesa. This was the second acquisition in as many days made by a unit of Grupo Carso.

"It will join the retail side. It's another subsidiary of Grupo Sanborns and needs to be evaluated whether an additional portion may be bought in order to completely consolidate it," an anonymous Carso director told Reuters.

Pasteleria Francesa has more than 70 "El Globo" retail outlets in Mexico selling bread and cakes.