TORONTO – Canada's George Weston is buying Toronto-based ACE Bakery for C$110 million ($108.4 million) to complement its existing baked goods brands, the parent company of Loblaw said on Monday.
Canada's largest food processor and distributor said its fresh bakery subsidiary, Weston Foods, bought the manufacturer of artisan and European-style breads to expand its family of bakery brands.
Shares of George Weston, the maker of Wonder bread and Girl Scout cookies, finished down C$1.63, or 2 percent, at C$80.32 on the Toronto Stock Exchange on Monday.
Weston, which has a cash balance of about C$3.5 billion, bought U.S. manufacturer Keystone Bakeries at the end of August for $185 million.
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