French pasta maker Panzani and Portugal's Cerealis are in exclusive talks to merge into a European food group valued at roughly €1.8 billion including debt, Bloomberg reported on 16 October 2026. The combined business would generate close to €1 billion in annual revenue with about 1,800 employees across France, Portugal, Spain, Czechia and Poland.
Panzani, the dry-pasta and sauce brand known in France for its decades-old slogan "Des pâtes, oui mais des Panzani," is in exclusive merger talks with Cerealis, a food group based in Porto, Portugal, French public broadcaster franceinfo reported on 17 October 2026. Bloomberg had reported the talks a day earlier, saying the deal was nearing completion.
What is being proposed
Under the plan, Panzani's current owner, private-equity firm CVC Capital Partners, would combine the French company with Cerealis and keep a minority stake in the merged business, according to Bloomberg's report, republished by Yahoo Finance, and confirmed in substance by franceinfo. The combined group would be valued at about €1.8 billion ($2 billion), including debt, Bloomberg reported.
Trade publication Just Food, citing the same talks, said the transaction would create a group with roughly €1 billion in combined annual revenue and close to 1,800 employees. The deal still needs regulatory clearance and employee consultations, and franceinfo reported completion is expected in the first half of 2027.
Two pasta makers, two home markets
Panzani is based in Lyon and sells dry pasta, couscous and sauces mainly in France, the Netherlands and parts of central Europe, according to Just Food, which put Panzani's 2025 revenue at €620 million. Cerealis, controlled by the Moreira Da Silva and Silva Domingues founding families alongside Belgian investment group Sofina, makes pasta, flour, biscuits and breakfast cereals and is active in Portugal, Spain, Czechia and Poland; Just Food reported its 2025 revenue at €400 million.
Sources disagree on when CVC acquired Panzani: Bloomberg's report, as carried by Yahoo Finance, said CVC bought Panzani in 2021 for €550 million, while Just Food reported the acquisition took place in 2022. Both outlets agree CVC remains Panzani's controlling shareholder going into the merger talks.
Panzani and Cerealis by the numbers
Company
Headquarters
2025 revenue
Main markets
Panzani
Lyon, France
€620 million (Just Food)
France, Netherlands, central Europe
Cerealis
Porto, Portugal
€400 million (Just Food)
Portugal, Spain, Czechia, Poland
Combined group
Not specified
~€1 billion (Just Food)
France, Portugal, Spain, Netherlands, Czechia, Poland
Jobs and leadership
Franceinfo reported that Panzani's roughly 900 French employees, working at sites in Marseille and Nanterre and at the company's Lyon headquarters, would keep their jobs under the plan. Just Food reported that Cerealis executive vice-chairman Pedro Moreira da Silva would hold overall leadership of the combined group, with Panzani chief executive Albert Mathieu overseeing operations including central Europe, and Cerealis chief executive Paula Meireles overseeing Iberian markets and international private-label business.
The main driver of this transaction is the opportunity to build on highly complementary product ranges.
— Pedro Moreira da Silva, Cerealis executive vice-chairman, cited by Just Food
Why the companies are merging
Franceinfo described the deal as "offensive," aimed at growth in Europe rather than cost-cutting, noting that Panzani's French and Dutch footprint would combine with Cerealis's presence in Iberia and central Europe. Franceinfo also noted that even after the merger, the combined group would remain significantly smaller than Barilla, the Italian company that leads the global pasta market.
The deal would still need to clear competition regulators and complete employee consultation procedures in both countries before any closing, according to Just Food and franceinfo.
Questions
Who is buying Panzani?
Panzani's main shareholder, private-equity firm CVC Capital Partners, is in exclusive talks to merge Panzani with Portuguese food group Cerealis. CVC would retain a minority stake in the combined business, according to Bloomberg's reporting.
How much is the deal worth?
Bloomberg reported the combined business would be valued at about €1.8 billion ($2 billion) including debt. The merged group's annual revenue is put at close to €1 billion by Just Food.
Will Panzani's French jobs be affected?
Franceinfo reported that Panzani's roughly 900 French employees at its Marseille and Nanterre sites and Lyon headquarters would keep their positions under the plan, though the deal is still subject to employee consultation.
When would the merger be completed?
Franceinfo reported that completion is expected in the first half of 2027, pending regulatory approval and employee consultations in France and Portugal.
Would the merged company be bigger than Barilla?
No. Franceinfo reported that the combined Panzani-Cerealis group would still be significantly smaller than Barilla, which leads the global pasta market.
How the world is telling it
FrenchFrench coverage (franceinfo) frames the deal partly as a French brand passing under foreign — Portuguese — control, while stressing that Panzani's French jobs and sites would be preserved and describing the move as growth-driven rather than cost-cutting.
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