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Jab Holdings confirmed on Wednesday that it plans to buy Panera Bread in a $7.5bn deal as the private investment company deepens its portfolio of US food and drink brands.

The pact would place Panera, known for its breads, soups and sandwiches, under the same roof as brands like Keurig Green Mountain and Peet’s Coffee.

Jab said it will pay $315 per share in cash to acquire St Louis, Missouri-based Panera.

“We strongly support Panera’s vision for the future, strategic initiatives, culture of innovation, and balanced company versus franchise store mix,” said Jab chief executive Olivier Goudet.

Copyright The Financial Times Limited 2017. All rights reserved.

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