French pasta maker Panzani and Portugal's Cerealis in talks to combine

French pasta maker Panzani and Portuguese food company Cerealis are in exclusive talks to combine their operations in a deal valuing the merged business at about €1.8 billion, the companies said on Friday, Reuters reported.

The combined group would have about €1 billion in annual revenue and nearly 1,800 employees, the companies said. Panzani, controlled by the private equity firm CVC, had revenue of €620 million in 2025. Cerealis, controlled by its founding families and Belgian investment company Sofina, reported revenue of €400 million.

Under the plan, the merged group would be owned by Cerealis’s existing shareholders, including the Moreira da Silva and Silva Domingues families and Sofina, with CVC Capital Partners keeping a minority stake. Panzani would remain headquartered in Lyon and Cerealis in Porto, and both would keep operational autonomy.

Cerealis executive vice chairman Pedro Moreira da Silva would lead the combined group. Panzani chief executive Albert Mathieu would oversee Panzani and its Central European operations, while Cerealis chief executive Paula Meireles would manage the Iberian and international private-label business.

Reuters said the talks reflect a broader push for consolidation in Europe’s food industry, as manufacturers seek scale to cope with rising costs and strengthen their position with retailers.