Linklaters advises Cerealis on its proposed combination with Panzani

Linklaters is advising Cerealis on its proposed combination with Panzani, with the aim of creating an independent and diversified European food group.

The shareholders of Cerealis and Panzani Group have entered into exclusive negotiations regarding the proposed combination. The combined group would have an enterprise value of approximately €1.8 billion, generate approximately €1 billion in consolidated annual revenues and employ nearly 1,800 people.

The combination would bring together two businesses with complementary geographical footprints, product portfolios and industrial expertise. Panzani has an established presence in France, the Netherlands and Central Europe, while Cerealis has operations in Portugal, Spain, the Czech Republic and Poland.

The proposed transaction remains subject to the information and consultation of the relevant employee representative bodies and obtaining the required regulatory approvals.

The Linklaters team comprised Florent Mazeron, Partner, Margaux Bognon-Küss, Counsel, and Sabine Lee, Managing Associate, in Corporate/M&A.

Thomas Elkins, Partner, Jeanne Lévy-Bruhl, Managing Associate, and Nicolas Chavonnand Valades, Associate, advised on competition law aspects. Marc Lordonnois, Partner, advised on foreign investment aspects.

The team also included Pierre-Arnoux Mayoly, Partner, and Elizabeth Amzallag, Managing Associate, in Banking, as well as Cyril Boussion and Marc-Olivier Roux, Partners, and Clément Jouanolle, Counsel, in Tax.