Competition watchdog to probe Kingsmill owner's £75m Hovis takeover
The competition watchdog has launched a full-blown probe into the £75million takeover of bread maker Hovis by the owner of Kingsmill.The Competition and Markets Authority (CMA) will fast-track an investigation amid fears that the deal would result in a ‘substantial lessening of competition’.Kingsmill owner Associated British Foods (ABF), whose Allied Bakeries unit also includes Allinson’s and Sunblest, agreed to buy 135-year-old Hovis from private equity firm Endless in August. But the CMA is looking into it as Hovis holds about 18 per cent of the sliced and packaged bread market while ABF, which also owns Primark, has 6 per cent.The combined group could overtake industry leader Warburtons.‘Our priority is to achieve regulatory clearance as efficiently as possible and we are pleased to have agreed with the CMA that we will fast-track to the in-depth and detailed final phase of their merger review,’ ABF said. Half-baked: Kingsmill owner Associated British Foods agreed to buy Hovis from private equity firm Endless in AugustDIY INVESTING PLATFORMSAJ BellAJ BellEasy investing and ready-made portfoliosHargreaves LansdownHargreaves LansdownFree fund dealing and investment ideasinteractive investorinteractive investorFlat-fee investing from £4.99 per monthFreetradeFreetradeInvesting Isa now free on basic planTrading 212Trading 212Free share dealing and no account feeAffiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.Compare the best investing account for you
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Competition watchdog to probe Kingsmill owner's £75m Hovis takeover
