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ABF’s Hovis Takeover Deal Given Go-Ahead by Competition Watchdog
The watchdog said Allied Bakeries would likely exit the market without the merger, clearing the deal after a Phase 2 investigation.
- On Tuesday, the CMA cleared the proposed deal for Associated British Foods to acquire Hovis, concluding an in-depth Phase 2 investigation into the anticipated merger.
- Allied Bakeries, an ABF subsidiary, has sustained significant losses over 14 years due to falling bread demand and rising costs for energy, wheat, and distribution.
- The CMA inquiry group, led by Cyrus Mehta, found that Allied Bakeries would likely exit Great Britain and Northern Ireland entirely if the merger did not proceed.
- A spokesperson for ABF welcomed the unconditional clearance from The CMA on Tuesday, stating the company will now proceed with steps toward completion.
- Combining with Hovis enables Allied Bakeries to drive significant synergies, creating a sustainably profitable business and establishing a platform for product innovation and consumer choice.
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21 Articles
Competition Regulator Clears ABF’s Takeover Of Hovis
The Competition and Markets Authority (CMA) has given final clearance to Associated British Foods’ (ABF) acquisition of Hovis after finding that ABF’s bakery division, Allied Bakeries, would likely exit the market entirely if the deal did not proceed. In August (more…) The post Competition Regulator Clears ABF’s Takeover Of Hovis appeared first on KamCity.
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Coverage Details
Total News Sources21
Leaning Left3Leaning Right0Center8Last UpdatedBias Distribution73% Center
Bias Distribution
- 73% of the sources are Center
73% Center
L 27%
C 73%
Factuality
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