Bimbo shareholders in pact to grant reciprocal rights

by Eric Schroeder
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MEXICO CITY — Grupo Bimbo S.A.B. de C.V., one of the largest baking companies in the world, announced that representatives of approximately 61% of its share capital have entered an agreement through which they have granted each other reciprocal rights for the next seven years to acquire shares issued by Grupo Bimbo of which they are owners.

The five shareholders included in the agreement are: Normaciel, S.A. de C.V., Marlupag, S.A. de C.V., Promociones Monser, S.A. de C.V., Distribuidora Comercial Senda, S.A. de C.V., and Philae, S.A. de C.V.

Also as part of the announcement, Normaciel said it has granted "tag-along rights" to the other companies. Tag-along rights are a contractual obligation used to protect a minority shareholder. If a majority shareholder sells his or her stake, then the minority shareholder has the right to join the transaction and sell his or her minority stake in the company.

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