ABF’s bakeries arm would be likely to exit the market entirely if the deal did not proceed, CMA finds

The owner of Kingsmill’s £75m deal to buy Hovis to create the UK’s biggest bread brand has been cleared by the competition watchdog.

The Competition and Markets Authority (CMA) ruled that Associated British Foods’ proposed takeover of Hovis did not raise competition concerns because if the deal did not go ahead “the most likely outcome” would be ABF’s bakeries arm leaving the UK market entirely.