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AMLO meets with high executives of Mondelez and Bimbo

Mexico’s President Andres Manuel Lopez Obrador said in a tweet on Tuesday he met with the chief executives of U.S. snack company Mondelez International Inc and Mexican breadmaker Grupo Bimbo.

He added that Mondelez would pay more than 6 billion pesos ($312 million) in taxes in its purchase of Grupo Bimbo’s confectionery business, Ricolino.

However, in a statement later on Tuesday, Mondelez said as the seller of Ricolino, Grupo Bimbo, would be the one to pay taxes.

“It was a cordial and very fruitful meeting, in which Mondelez reiterated its commitment to the country,” it added.

The $1.3 billion Ricolino acquisition will double the size of the Oreo maker’s business in Mexico and expand its snacking business, Mondelez said when it announced the deal in April.

The Ricolino business includes sweets brands such as Vero, La Corona, and Coronado and makes several confectionary products including lollipops, marshmallows, chocolates, and gummies.

Source: El Financiero

Mexico Daily Post

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