MEXICO CITY, Jan 29 (Reuters) - Sigma Alimentos, the Mexican frozen food company, said on Wednesday the European Commission had approved its bid to share ownership of Spain’s Campofrio Food Group with China’s Shuanghui International Holdings, and was awaiting final approval from Spain’s regulator over the tie-up.
Under the deal, Sigma will join its 45 percent stake in Campofrio with Shuanghui’s 37 percent holding and launch a raised 6.9-euros-a-share bid for the remaining stock, which will be delisted from the Madrid stock exchange.
Sigma, which has recently been buying up more shares in Campofrio, is owned by conglomerate Alfa, which in November said it plans to list Sigma.
Sigma said Chinese regulators still need to sign off on the deal.
Alfa shares were up 2.6 percent at 37.45 pesos ($2.80) in early afternoon trading.