Grupo Bimbo’s Response to MSCI’s Controversy Regarding Canada Bread Competition Bureau Inquiry into Packaged Bread
In 2017 Canada’s Competition Bureau commenced an investigation over allegations relating to an industry collusion among several bread suppliers (including Canada Bread, which the Group acquired in 2014), in relation to price-fixing that occurred from 2001.
On June 21, 2023, the Group announced that Canada Bread resolved the investigation, including the payment of a fine of USD $38 million (CAD $50 million), which was paid in full on July 20, 2023. In addition, the Group was notified of two class actions (resulting from the consolidation of 12 previously filed lawsuits) by groups of consumers and/or consumer associations against all the parties allegedly involved in Canada’s Competition Bureau investigation.
The Group cannot guarantee that the result of this investigation or the class action will not have an adverse effect on its business, financial situation, results of operations and prospects.
