Case details

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Merger control
Case reference
Ccent/2025/94 - Better Foods*Cerealis / Sociedades Moageiras
Acquiring
Better Foods, S.A.
Description
The company that heads the Better Foods Group, a group of milling, flour production, and frozen food product marketing companies. The companies to be integrated correspond to the cereal milling business for flour production, namely wheat flour, rye flour, rice flour, or corn flour of each of the companies and are as follows: Moagem Ceres A. de Figueiredo & Irmão, S.A. (“Ceres”), Germen – Moagem de Cereais, S.A. (“Germen”), Carneiro, Campos & Ca, S.A. (“Carneiro Campos”), Granel – Moagem de Cereais, S.A. (“Granel”), Montepan – Comércio de Produtos Alimentares, Lda (“Montepan”), Harinas Ceres, S.L.U. (“Harinas Ceres”) and Manuel da Silva Monteiro Transportes, Lda. (“MSMT”).
Acquiring
Cerealis, SGPS, S.A.
Description
A company belonging to the Cerealis Group, specializing in cereal milling. The Cerealis Group is an agri-food sector group that produces and markets industrial flours, products derived from cereal processing, such as pasta, as well as flours for culinary use, biscuits, breakfast cereals, and cereal bars.
Acquired
Sociedades Better Foods (Moagem Ceres A. de Figueiredo & Irmão, Germen, Carneiro Campos, Granel, Manuel da Silva Monteiro Transportes, Montepan, Harina Ceres) e Cerealis – Moagens
Description
A company jointly controlled by Better Foods and a third-party company, operating in the marketing of frozen bakery, pastry, viennoiserie, savory and gluten-free products.
Sector
Activity (NACE)
Applicable legislation
Notification thresholds
Type of merger
Cooperation with sector regulators
Status
Ongoing
Type of Investigation
AdC’s decision
Case description

The merger transaction (“Proposed Transaction”) consists of the creation of a joint venture by Better Foods, S.A. (“Better Foods”) and Cerealis, SGPS, S.A. (“Cerealis”) (collectively, the “Notifiers”), through a merger by incorporation into a new company (the “New Company”), created for this purpose, of a group of companies controlled by Better Foods (“Better Foods Companies”) and Cerealis – Moagens S.A. (“Cerealis Moagens”). After the merger, the New Company will also hold 50% of Gergran – Produtos Alimentares, Lda. (“Gergran”).

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