Responding to today's decision by the Competition and Market Authority to clear ABF's acquisition of Hovis, a spokesperson said:
"We welcome the unconditional clearance provided by the CMA and we will now work on next steps towards completion.
"Combining with Hovis enables Allied Bakeries to continue operating as well as drive significant synergies to create a sustainably profitable UK bakeries business over the long term that is better placed to compete and establish a platform for product innovation.
"As the CMA found, demand for packaged, sliced bread has reduced significantly due to changing consumer tastes and the bread market faces a difficult economic backdrop. However, we believe the market for nutritious, good value staples remains significant and this business can create value for shareholders, provide greater choice for consumers, increase efficiencies for customers and support the wider UK economy."
For further information, please contact:
Associated British Foods:+44 20 7399 6545
Joe Carberry, Corporate Affairs Director