Panzani and Cerealis Enter Exclusive Talks to Form Major European Food Group
French Panzani and Portuguese Cerealis are in exclusive negotiations to merge, aiming to create a European food group valued at approximately €1.8 billion with annual revenues around €1 billion.
Panzani Group and Cerealis have entered exclusive negotiations for a potential merger, aiming to establish an independent, diversified European food group. The combined entity is expected to be valued at approximately €1.8 billion and generate annual revenues of around €1 billion, employing nearly 1,800 people. This move would create a significant player in the European food sector.
The proposed combination brings together two established food manufacturers with complementary geographic footprints, product portfolios, and industry expertise. Panzani, based in Lyon, France, reported €620 million in revenue in 2025, with a strong presence in pasta, couscous, and sauces across France, the Netherlands, and Central Europe. Cerealis, headquartered in Porto, Portugal, had revenues of €400 million in 2025, operating in pasta, breakfast cereals, cereal bars, and biscuits in Portugal, Spain, the Czech Republic, and Poland.
The merger is intended to unlock new growth opportunities by leveraging the strengths of both companies. Complementary product ranges could allow for expansion beyond existing categories, while the expanded geographic reach would facilitate the introduction of established brands into new European markets. The combined group plans to invest in production facilities, brands, and innovation to enhance its offerings and contribute to the resilience of the European food supply chain.
Pedro Moreira da Silva, current Executive Vice-Chairman of Cerealis, is slated to take on the overall leadership of the combined group. Panzani would remain a French entity based in Lyon under its current CEO, Albert Mathieu, while Cerealis would continue as a Portuguese company based in Porto led by its CEO, Paula Meireles. The merged entity would maintain a decentralized management model, preserving operational and production autonomy for both businesses.
The transaction is subject to customary closing conditions, including employee information and consultation processes and regulatory approvals. The completion of this deal would result in a significant European food player supported by a stable, long-term shareholder base.