Mexico's Grupo Bimbo won the Beefsteak bread brand in an auction on Thursday from bankrupt company Hostess Brands Inc, after outbidding rival Flowers Foods Inc with an offer for $31.9 million, Hostess said.
The bid, by the world's largest bread maker, is still subject to approval by a U.S. bankruptcy court.
Hostess also confirmed on Thursday that Flowers, maker of Tastykake snacks, is set to buy other Hostess bread brands, including Wonder, Butternut and Home Pride for $360 million.
Hostess received permission late last year from a U.S. bankruptcy court to wind down its business and liquidate assets after 82 years, following a bakery union strike that paralyzed its operations.
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