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UK's CMA ramps up probe into ABF Hovis takeover
(Sharecast News) - Britain's competition watchdog on Thursday said it was fast-tracking its probe into the takeover of Hovis by Kingsmill owner Associated British Foods at the request of both parties. ABF, which also owns the Primark clothing chain, said in August it planned to buy Hovis from private equity owners Endless for an undisclosed sum.
The Competition and Markets Authority (CMA) started an investigation into the deal, which would boost ABF's portfolio and strengthen its position amid falling demand for packaged sliced loaves as more consumer spurn ultra-processed foods.
ABF also owns the Allinson's and Sunblest brands
The CMA on Thursday said it was launching its "phase 2" investigation to confirm whether the takeover would result in a "substantial lessening of competition" for mass-produced baked goods.
Its probe is due to run until at least the end of June.
Reporting by Frank Prenesti for Sharecast.com
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