Grupo Bimbo has filed a lawsuit against Maple Leaf Foods and its former executives, seeking damages of more than CAD $2 billion (approximately USD $1,4 billion).
The lawsuit, filed in Ontario Superior Court of Justice, concerns allegations of “fraudulent and negligent misrepresentation” related to the 2014 acquisition of Canada Bread, then 90% owned by Maple Leaf Foods.
The baking conglomerate claims that Maple Leaf Foods, as the majority shareholder, led the negotiations and oversaw the due diligence during the transaction. Grupo Bimbo's claim follows revelations from an investigation by the Competition Bureau of Canada, which uncovered alleged price-fixing practices in the commercial bread industry.
