French food manufacturer Panzani Group and Portugal-based Cerealis have entered exclusive negotiations over a proposed merger that would create a European food group with annual revenues of approximately €1 billion.
The proposed transaction values the combined business at around €1.8 billion and would bring together nearly 1,800 employees across several European markets.
Panzani, headquartered in Lyon, reported revenues of €620 million in 2025. The company operates in France, the Netherlands and Central Europe, producing pasta, couscous and sauces.
Porto-based Cerealis generated €400 million in revenue during the same year, with operations in Portugal, Spain, the Czech Republic and Poland. Its product portfolio includes pasta, breakfast cereals, cereal bars, biscuits and flour.
The merger would allow both manufacturers to expand into new European markets by combining their distribution networks, production capabilities and product ranges. The companies also plan to continue investing in manufacturing facilities, product innovation and brand development.
Under the proposed arrangement, both businesses would retain their existing headquarters and operate independently within a decentralised management structure.
Panzani CEO Albert Mathieu would continue leading the French business while taking responsibility for the group’s Central European operations. Cerealis CEO Paula Meireles would oversee operations in Iberia and the international private-label business.
Cerealis executive vice-chairman Pedro Moreira da Silva would assume overall leadership of the combined group, coordinating initiatives across both companies.
The transaction would also bring together the companies’ existing investors. The combined group’s shareholders would include Cerealis’ founding families, the Moreira Da Silva and Silva Domingues families, investment company Sofina and private equity firm CVC Capital Partners.
CVC would retain a minority stake, with all four shareholders represented on the group’s board of directors.
The proposed merger remains subject to employee information and consultation procedures and the necessary regulatory approvals.
Dining and Cooking