Bread producers Hovis and Kingsmill close in on historic merger

Bread producers Hovis and Kingsmill close in on historic merger

Associated British Foods, which owns Kingsmill's parent Allied Bakeries, could agree a deal worth about £70m to buy rival brand Hovis within the next week, Sky News learns.

Breadmakers Hovis and Kingsmill butter up £75m merger

Bread producers Hovis and Kingsmill are set for a historic merger with their owners expected to ink an agreement after months of discussion. Kingsmill, whose immediate parent Allied Bakeries is owned by London-listed Associated British Foods (ABF), and Hovis could benefit from up to £50m of annual cost savings from a merger. The proposed agreement, as reported by Sky News, would see ABF acquire Hovis for £75m. This would snap up the bread produc…

Bread producers Hovis and Kingsmill close in on historic merger | Money News | Tech, Entertainment, Sport, Fashion, Travel News

The owners of Hovis and Kingsmill are closing in on a definitive agreement to merge two of Britain’s most famous grocery brands following months of talks. Sky News has learnt that Associated British Foods (ABF), the London-listed company which owns Kingsmill’s immediate parent, Allied Bakeries, has proposed paying roughly £75m to acquire Hovis from its long-term private equity backers. Banking sources said a deal could be formally agreed to comb…