Greencore deal faces competition scrutiny
Britain's competition watchdog has launched an initial inquiry into Irish-based convenience-food firm Greencore’s proposed acquisition of Bakkavor.
The Competition and Markets Authority (CMA) now has until 27 October to decide whether to carry out a full investigation of the deal.
Greencore announced in May that it had agreed the terms of a deal to acquire Bakkavor, creating a British convenience-food business with a combined revenue of Stg £4 billion.
‘National food champion’
Greencore supplies chilled and frozen food to retail and food-service customers across Britain.
Bakkavor is also a leading provider of fresh prepared food in the British market.
"The combination of Greencore and Bakkavor is an unrivalled opportunity to create a true UK national food champion with an even greater breadth of category range and deeper customer relationships,” Greencore chief executive Dalton Philips, formerly of the DAA, said at the time of the announcement.