04:11:58 EDT Thu 09 May 2024
Enter Symbol
or Name
USA
CA



Empire Company Ltd
Symbol EMP
Shares Issued 154,089,235
Close 2023-06-22 C$ 35.20
Market Cap C$ 5,423,941,072
Recent Sedar Documents

Globe says Bimbo mulling legal action on Maple Leaf

2023-06-23 08:09 ET - In the News

See In the News (C-MFI) Maple Leaf Foods Inc

The Globe and Mail reports in its Friday, June 23, edition that the results of the Competition Bureau's probe of price-fixing in the bread market seem paltry. The Globe's guest columnist Sylvain Charlebois writes that the substantial fine of $50-million announced for Grupo Bimbo's Canada Bread on Wednesday, was the highest penalty ever imposed in Canada for price-fixing. Mr. Charlebois calls it a hollow victory. He says it is ironic that it is a Mexican-owned company that has now acknowledged the responsibility of rectifying the misconduct within Canada's food industry. Maple Leaf Foods, which sold Canada Bread to Grupo Bimbo in 2014, denies any responsibility, and Grupo Bimbo is mulling legal actions against it. Mr. Charlebois notes that Canada Bread's admission coincides with a significant surge in bread prices. Bakery products, including produce, are currently major contributors to the escalation of food inflation in Canada. Consequently, Canadians are justified in questioning whether there may be ulterior motives at play with Grupo Bimbo's admission. With the bureau having achieved so little in so long, lingering doubts are bound to endure as an indelible consequence of the bread story.

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