CMA Investigates ABF Acquisition of Hovis Merger

UK CMA Cases

Filed September 18th, 2025

Detected February 26th, 2026

Summary

The UK's Competition and Markets Authority (CMA) has launched an investigation into the anticipated acquisition of Hovis Group Limited by Associated British Foods plc. The inquiry is currently in Phase 2, with a statutory deadline of June 24, 2026.

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What changed

The Competition and Markets Authority (CMA) has initiated a Phase 2 investigation into the proposed acquisition of Hovis Group Limited by Associated British Foods plc (through ABF Grain Products Limited). This action signifies a substantive review of the merger's potential impact on competition within the UK's food manufacturing sector. The inquiry was formally referred on January 8, 2026, with an administrative timetable set, including a statutory deadline of June 24, 2026.

Companies involved in or affected by this merger, particularly those in the food manufacturing industry, should monitor the progress of this investigation. While the "Areas of focus" document outlines initial theories on competition concerns, it does not represent findings. Interested parties were invited to comment, with a deadline of January 28, 2026, for responses to the areas of focus. Failure to comply with any future CMA directives or remedies could result in penalties.

Source document (simplified)

ABF / Hovis merger inquiry

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.

From: Competition and Markets Authority Published 18 September 2025 Last updated 26 February 2026
— See all updates Case type: Mergers Case state: Open Market sector: Food manufacturing Opened: 18 September 2025

Phase 2

Administrative timetable

| Date | Action |
| --- | --- |
| 8 January 2026 | Referral date |
| 24 June 2026 | Statutory deadline |

Administrative timetable (PDF, 125KB) (15.1.26)

Contact

abfgrainproducts.hovis@cma.gov.uk

Response to our areas of focus

Parties’ joint response (PDF, 341KB) (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.

Areas of focus (PDF, 192KB) (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.

Terms of reference (PDF, 100KB) (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.

Decision to refer (PDF, 107KB) (8.1.26)

Launch of merger inquiry

19 December 2025: The CMA announced the launch of its merger inquiry by notice to the parties.

Commencement notice (PDF, 87KB) (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.