The proposed combination
Panzani, a French maker of dry pasta, semolina, couscous and sauces, and Cerealis, a Portuguese manufacturer of pasta, breakfast cereals, flours and biscuits, have opened talks to merge their businesses. On Friday, 16 October 2026, their shareholders announced that the two sides had entered exclusive negotiations aimed at building a separate, diversified food group in Europe. The combined company would carry an enterprise value of about €1.8 billion, consolidated annual revenue of roughly €1 billion and nearly 1,800 employees. The founding families of Cerealis, the Belgian investor Sofina and CVC Capital Partners are backing the plan, and CVC would hold a minority stake whose size has not been disclosed.
Two companies with different footprints
Panzani is headquartered in Lyon and, according to Europa Press and Adnkronos, generated €620 million in revenue in 2025, with its presence concentrated in France, the Netherlands and Central Europe. Observador put Panzani's revenue at €600 million, so the figure is not uniform across the reports. Cerealis, based in Porto, reported €400 million in 2025 and operates in Portugal, Spain, the Czech Republic and Poland. Pasta is the overlap between the two, while Cerealis adds breakfast cereals, cereal bars and biscuits and Panzani adds couscous and sauces. Albert Mathieu, Panzani's chief executive, told Le Figaro, as cited by BFMTV, why he sees the tie-up as a fit:
This combination offers a perfect geographic complementarity, because Cerealis is very present in Portugal, Spain and the Czech Republic, while we are strong in France and the Netherlands.
Structure and leadership
Both companies would keep decentralized operating models that preserve the autonomy of each business. Each keeps its chief executive and its current headquarters: Panzani stays in Lyon under Albert Mathieu, whose remit would widen to cover the combined group's operations in Central Europe, according to PÚBLICO. Cerealis remains in Porto under Paula Meireles, according to Observador. Pedro Moreira da Silva, currently Cerealis's executive vice-chairman, would take overall leadership of the combined group. The joint statement quoted him on the rationale for the deal:
The main driver of this transaction is the opportunity to build on highly complementary product ranges, technologies and expertise.
Ownership and financing context
Bloomberg reported on 16 October, citing people familiar with the matter, that CVC was nearing a deal to combine its European pasta business with the cereal and dry foods firm backed by Sofina, valuing the group at around €1.8 billion ($2 billion) including debt. BFMTV, citing Le Figaro, reported that CVC bought Panzani at the end of 2021 from the Spanish food group Ebro Foods for €550 million. PÚBLICO noted that Sofina recently acquired a 10% stake in Cerealis, and that the Moreira da Silva and Silva Domingues families are among Cerealis's shareholders. Observador described the Panzani talks as another acquisition by Cerealis, following a significant Spanish deal it announced earlier in 2026 without giving details.
Conditions and next steps
The proposal remains subject to consultation with employee representative bodies and to the regulatory approvals it needs, according to the joint statement. Observador reported that completion depends on regulatory reviews and consultation with worker representatives. The sources do not give a closing date or the size of CVC's remaining stake, and no definitive agreement has been reported so far.