Panzani and Cerealis merger negotiations

French pasta manufacturer Panzani and Portuguese food group Cerealis have entered exclusive negotiations to merge, aiming to establish a diversified European food group. The potential new entity is valued at approximately €1.8 billion and is expected to generate annual revenues of roughly €1 billion while employing nearly 1,800 people.

The merger intends to combine Panzani’s specialization in pasta, couscous, and sauces with Cerealis’s portfolio of pasta, flour, breakfast cereals, and biscuits. The companies plan to leverage their complementary product ranges and geographical footprints to drive growth through investments in innovation, brands, and industrial assets.

Under the proposed structure, the companies will maintain operational and industrial autonomy. Panzani will remain headquartered in Lyon, France, and Cerealis will continue to be managed from Porto, Portugal. Pedro Moreira da Silva, the Executive Vice-Chairman of Cerealis, is slated to lead the new group. CVC Capital Partners is expected to retain a minority stake in the combined entity alongside Cerealis’s existing shareholders, including the Sofina group and Cerealis’s founding families. The completion of the transaction remains subject to regulatory approvals and employee consultation processes, with a target conclusion potentially in early 2027.