The deal is awaiting approval from the competition authorities.
“Pan Group is trying to sell either the company as a whole or piece by piece, because they are pressured by debt. They were unable to get any more loans from banks to keep their business going and ended up owing EUR23 million to suppliers,” said sources from the bakery industry.
The acquisition of assets from Pan Group would consolidate the position on the local bakery market of the Polish-held company. Tymbark Maspex owns Oradea-based (NW Romania) pasta producer Arnos, which it bought more than five years ago.
Companies in the milling and bakery industry have been coping with financial problems for more than two years as a result of the rising prices of wheat and tax evasion. The talk about the acquisition of Pan Group assets comes shortly after another bakery business, Pambac Bacau was acquired by two grain traders.
Pan Group Craiova denied the information and declined further comment. On the other hand, Tymbark did not deny it and said it was also interested in expanding to markets where it was not operating yet.
“Our company’s main goal in Romania is to consolidate the position on the markets we operate on, without ruling out development on other consumer markets,” says Ioana Rata, PR manager of Tymbark Maspex.
(English version by Loredana Fratila-Cristescu)