Responding to the Competition and Market Authority's interim report into the anticipated acquisition by Associated British Foods plc of Hovis Group Limited, a spokesperson for ABF said:
"The CMA's Interim Report is welcome recognition that, against a challenging financial backdrop for the wrapped and sliced bread sector, this transaction will help to deliver a far more effective competitor that will be able to invest in innovation and growth, to the benefit of consumers and the wider UK economy. We have been clear with the CMA that the transaction is the only route to creating a sustainably profitable business. The CMA has recognised that, if the transaction is not allowed to proceed, Allied Bakeries will be unable to continue operating under current market conditions. We will continue to engage constructively with the CMA, including with regard to our Northern Ireland business, so that we can achieve regulatory clearance as efficiently as possible."
ENDS
For further information, please contact:
Associated British Foods:+44 20 7399 6545
Joe Carberry, Corporate Affairs Director
FGS:James Murgatroyd +44 7768 254 911
Sarah Roberts +44 7827 808 421