Kingsmill owner approved for Hovis takeover
ABF’s bakeries arm would be likely to exit the market entirely if the deal did not proceed, CMA finds Business live – latest updates The owner of Kingsmill’s £75m deal to buy Hovis to create the UK’s biggest bread brand has been cleared by the competition watchdog. The Competition and Markets Authority (CMA) ruled that Associated British Foods’ proposed takeover of Hovis did not raise competition concerns because if the deal did not go ahead “the most likely outcome” would be
The owner of Kingsmill has received approval to acquire Hovis, aiming to establish the largest bread brand in the UK. The Competition and Markets Authority (CMA) determined that the takeover would not harm competition. The CMA noted that without the deal, ABF's bakeries might exit the UK market. This decision allows the merger to proceed without restrictions. The move is expected to consolidate the bread industry under one major brand. ABF's acquisition of Hovis was valued at £75m. The ruling highlights the potential impact of the deal on market dynamics. The outcome ensures the continuation of ABF's baking operations in the UK.
The decision prevents potential market exit and ensures the survival of a major bread brand in the UK.
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