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ABF / Hovis merger inquiry

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The Competition and Markets Authority (CMA) is investigating the anticipated acquisition by Associated British Foods plc (through ABF Grain Products Limited) of Hovis Group Limited.
Phase 2
Administrative timetable
| Date | Action |
|---|---|
| 8 January 2026 | Referral date |
| 24 June 2026 | Statutory deadline |
- (15.1.26)
Contact
abfgrainproducts.hovis@cma.gov.uk
Interim Report
26 March 2026: The CMA has provisionally found competition concerns in the supply of bread and certain other bakery products in Northern Ireland, but not in Great Britain, as part of its in-depth investigation into the anticipated acquisition by Associated British Foods plc of Hovis Group Limited.
The deadline for submitting responses to the interim report is 5pm on Thursday 16 April 2026.
- (26.3.26)
- (26.3.26)
- (27.3.26)
- (27.3.26)
Response to our areas of focus
- (26.2.26)
Areas of focus
15 January 2026: This document sets out the scope of the inquiry. It outlines initial theories on what might be adversely affecting competition, but it does not set out findings or conclusions. The deadline for submitting responses was 5pm on Wednesday 28 January 2026.
- (15.1.26)
Inquiry group appointed
8 January 2026: The CMA has appointed the following inquiry group:
Terms of reference
8 January 2026: The CMA has referred the anticipated acquisition by Associated British Foods plc (through ABF Grain Products Limited) of Hovis Group Limited.
- (8.1.26)
Phase 1
Statutory timetable
| Date | Action |
|---|---|
| 8 January 2026 | Decision to refer |
| 19 February 2026 | Deadline for phase 1 decision |
| 19 December 2025 | Launch of merger inquiry |
| 18 September to 2 October 2025 | Invitation to comment |
Reference decision
8 January 2026: The CMA has referred the anticipated acquisition by Associated British Foods plc (through ABF Grain Products Limited) of Hovis Group Limited for an in-depth investigation under its fast-track procedure at the request of the merging parties.
- (8.1.26)
Launch of merger inquiry
19 December 2025: The CMA announced the launch of its merger inquiry by notice to the parties.
- (19.12.25)
Invitation to comment: closed
18 September 2025: The CMA is issuing this preliminary ‘invitation to comment’ to allow interested parties to submit to the CMA any initial views on the impact that the transaction could have on competition in the UK. This invitation to comment is the first part of the CMA’s information-gathering process.
To assist it with this assessment, the CMA invites comments on the transaction from any interested party.
Privacy notice
Your name and contact details are your personal data. In collecting, receiving, storing, accessing and using your personal data, the CMA, as controller, is processing your personal data. The CMA processes personal data in accordance with data protection law. The CMA is processing your personal data so that it can contact you again, should it need further help or information from you, in order to carry out its merger work under Part 3 of the Enterprise Act 2002. For more information about how the CMA processes personal data and your rights relating to that data, please see our Privacy notice.
Updates to this page
-
Full interim report published.
-
Summary and notice of interim report published.
-
Parties' joint response to our areas of focus published.
-
Administrative timetable and areas of focus published.
-
Full text decision to refer published, and inquiry group appointed.
-
Phase 2 terms of reference published.
-
Launch of merger inquiry published.
-
First published.

Facts Only

Who: Associated British Foods plc (ABF), ABF Grain Products Limited, Hovis Group Limited
What: Anticipated acquisition, inquiry, competition concerns, interim report, comments invited
When: 8 January 2026 referral date, 24 June 2026 statutory deadline, 19 December 2025 launch of merger inquiry, 18 September to 2 October 2025 invitation to comment
Where: UK, Northern Ireland (specific competition concerns)

Executive Summary

The Competition and Markets Authority (CMA) is investigating the proposed acquisition by Associated British Foods plc (ABF) of Hovis Group Limited, a significant player in the UK's bakery industry. The CMA has expressed competition concerns in the supply of bread and certain other bakery products in Northern Ireland, but not in Great Britain, as part of its in-depth investigation. The deadline for submitting responses to the interim report is 5pm on Thursday 16 April 2026.
The investigation was initiated following a phase 1 referral decision on 8 January 2026, after which ABF requested an in-depth investigation under the fast-track procedure. The CMA launched its merger inquiry by notice to the parties on 19 December 2025 and invited comments on the transaction from any interested party between 18 September 2025 and 2 October 2025.

Full Take

The CMA's investigation into the ABF/Hovis merger highlights potential competition concerns in the supply of bread and certain other bakery products, particularly in Northern Ireland. This raises questions about market concentration and potential impacts on consumers, smaller competitors, and local economies in these regions.
Patterns detected: ARC-0043 Motte-and-Bailey (concerns expressed only in Northern Ireland), ARC-0024 Ambiguity (competing concerns between Great Britain and Northern Ireland).
This merger may have wider implications for the UK's bakery industry, particularly given ABF's existing presence in the market and Hovis' significant role as a major bread producer. The CMA's investigation could lead to structural changes or divestments to address competition concerns.
Bridge questions: What long-term effects might this merger have on local bakery industries? How can competition be maintained in a consolidated market? Who should bear the costs of any necessary structural adjustments?