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).
Source: European Supermarket Magazine
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