(Reuters) -Britain's competition regulator on Monday launched an investigation into convenience food manufacturer Greencore's acquisition of peer Bakkavor, setting a deadline of October 27 for a
UK Watchdog Launches Investigation into Greencore-Bakkavor Acquisition
(Reuters) -Britain's competition regulator on Monday launched an investigation into convenience food manufacturer Greencore's acquisition of peer Bakkavor, setting a deadline of October 27 for a decision.
The Competition and Markets Authority had said in July that it was weighing a probe into whether the 1.2 billion pound ($1.62 billion) deal could affect competition in the country or in other markets.
"We welcome moving forward to this next step in the process within our anticipated timeline and look forward to continuing to work closely with the CMA over the coming months as it carries out its review,” Mike Edwards, chief executive officer of Bakkavor said in an emailed statement to Reuters.
A Greencore spokesperson seconded the sentiment in an emailed response.
The groups sealed their deal in May, with expectations to complete the transaction in early 2026 and create a convenience foods giant in Britain.
Shares of Greencore and Bakkavor were marginally higher in early trading on Monday.
Bakkavor, which provides fresh food to the likes of Tesco, M&S and Waitrose, had also struck a 50 million pound deal to sell its China operations in April amid the takeover talks.
($1 = 0.7402 pounds)
(Reporting by Yamini Kalia and Dhanush Vignesh Babu in Bengaluru; Editing by Mrigank Dhaniwala and Sharon Singleton)
