Panzani and Cerealis enter exclusive merger talks

French pasta producer Panzani and Portuguese group Cerealis have entered exclusive negotiations to merge, aiming to create a major independent European food group. The proposed transaction carries an enterprise value of approximately €1.8 billion.

The combined entity is expected to generate roughly €1 billion in annual revenue and employ nearly 1,800 people. The merger would unite Panzani’s expertise in pasta, couscous, and sauces with Cerealis’ portfolio of pasta, breakfast cereals, cereal bars, biscuits, and flour.

Under the proposed structure, the companies would maintain their operational autonomy, with Panzani remaining based in Lyon, France, and Cerealis in Porto, Portugal. Pedro Moreira da Silva, the current Executive Vice-Chairman of Cerealis, is slated to lead the new group. The deal is supported by Cerealis’ founding families, Sofina, and CVC Capital Partners, the latter of which would retain a minority stake. The completion of the merger is subject to regulatory approvals and employee consultation processes, with a target conclusion potentially in early 2027.