Colombia's Grupo Nacional de Chocolates, purportedly the country's biggest food company, will buy Mexican chocolate manufacturer Nutresa for $95m.
The company said last week that the acquisition will slot into the Grupo Nacional de Chocolates' strategic goals. Through the purchase the firm will extend and strengthen its presence in the Mexican market, "one of its most attractive markets."
In addition, Mexico's Nutresa caters for US, Central American and Caribbean markets.
The deal is still subject to approval from the Mexican antitrust authority Cofeco but Grupo Nacional de Chocolates expects the deal to close by February 2009.