Macfarlanes advises Associated British Foods on obtaining CMA clearance for Hovis acquisition

Macfarlanes has advised long-term client Associated British Foods plc (ABF) on obtaining Phase 2 clearance from the Competition and Markets Authority (CMA) for its acquisition of Hovis Group Limited (Hovis) from Endless LLP. 

The acquisition brings together two of the largest pre-sliced packaged bread manufacturers in the UK: Hovis and ABF’s Allied Bakeries, which owns the Kingsmill brand. 

Following a nine-month investigation during which the case was ‘fast-tracked’ to Phase 2, the CMA accepted that the criteria for an ‘exiting firm’ counterfactual were met in relation to Allied Bakeries and cleared the transaction unconditionally. 

The Macfarlanes team was led by Competition Partners Cameron Firth and Caja Griesenbach, with support from Senior Associates Matthew Redfern, Balint Egri and Christian Leighton and Associates Matthew Pimley and Blaise Kingan.