ABF与Hovis合并调查
SOURCE / GOV.UK-CMA Updates · ABF / Hovis merger inquiry
原文
ABF / Hovis merger inquiry
完整原文
<h2 id="phase-2">Phase 2</h2> <h3 id="administrative-timetable">Administrative timetable</h3> <table> <thead> <tr> <th scope="col">Date</th> <th scope="col">Action</th> </tr> </thead> <tbody> <tr> <td>8 January 2026</td> <td>Referral date</td> </tr> <tr> <td>24 June 2026</td> <td>Statutory deadline</td> </tr> </tbody> </table> <ul> <li> <span id="attachment_bd9dc058-4ab1-41a4-a26a-c631e6256303" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/6968829b58f53a31e87a2307/Administrative_timetable.pdf">Administrative timetable (PDF, 125KB)</a></span> (15.1.26)</li> </ul> <h3 id="contact">Contact</h3> <p><a href="mailto:abfgrainproducts.hovis@cma.gov.uk">abfgrainproducts.hovis@cma.gov.uk</a></p> <h3 id="final-report">Final report</h3> <p>16 June 2026: The CMA has published its final report.</p> <ul> <li> <span id="attachment_1ca06423-f4a2-4452-9dd7-fb55ebad7ded" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/6a3118f215f2a70fac7e6027/Final_report.pdf">Final report (PDF, 1.1MB)</a></span> (16.6.26)</li> <li> <span id="attachment_536a835b-dd27-4444-ae2a-c9829ecc755e" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/6a3119ea15f2a70fac7e6029/Summary_of_final_report_1.pdf">Summary of final report (PDF, 151KB)</a></span> (16.6.26)</li> <li>Press release: <a href="https://www.gov.uk/government/news/cma-clears-abfs-deal-to-buy-bread-maker-hovis">CMA clears ABF’s deal to buy bread maker Hovis</a> (16.6.26)</li> </ul> <h3 id="responses-to-supplementary-interim-report">Responses to supplementary interim report</h3> <ul> <li> <span id="attachment_26b6ae69-beae-489e-9ed1-bc18ba43573e" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/6a268f0656e988a798b3876c/Innovest_adviser___response_to_the_supplementary_interim_report_8_June_2026.pdf">Adviser to Innovest response to the supplementary interim report (PDF, 174KB)</a></span> (8.6.26)</li> <li> <span id="attachment_d3ae6990-b7db-42a3-97fa-9621ef5153e7" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/6a268f7756e988a798b3876d/Innovest_response_to_the_supplementary_interim_report_8_June_2026__2_.pdf">Innovest response to the supplementary interim report (PDF, 114KB)</a></span> (8.6.26)</li> <li> <span id="attachment_56a95480-9f2d-461e-bbd9-8d3b64442e6c" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/6a268f492cdcfdb7436ac06b/Market_Participant_A___response_to_the_supplementary_interim_report_8_June_2026.pdf">Market Participant A response to the supplementary interim report (PDF, 154KB)</a></span> (8.6.26)</li> <li> <span id="attachment_b5709435-d59b-46b8-b6d9-94fe6ec6a26d" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/6a268d082cdcfdb7436ac061/Market_Participant_B_response_to_the_supplementary_interim_report_8_June_2026.pdf">Market Participant B response to the supplementary interim report (PDF, 199KB)</a></span> (8.6.26)</li> </ul> <h3 id="supplementary-interim-report">Supplementary interim report</h3> <p>21 May 2026: The supplementary interim report outlines the Inquiry Group’s revisions to the provisional substantial lessening of competition (SLC) finding in the interim report in relation to the supply of bread and certain other bakery products in Northern Ireland. The Inquiry Group has now provisionally concluded that the merger may not be expected to result in an SLC in relation to the supply of bread and certain other bakery products in Northern Ireland.</p> <ul> <li> <p><span id="attachment_3b87a9f6-aab8-4988-939c-54a017451f67" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/6a0e96112e20b377604ec74a/Supplementary_interim_report_-_notice.pdf">Supplementary interim report notice (PDF, 141KB)</a></span> (21.5.26)</p> </li> <li> <p><span id="attachment_39357197-a345-45f2-9221-241a09da34e4" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/6a0e962c065847719dd7b416/Supplementary_interim_report.pdf">Supplementary interim report (PDF, 412KB)</a></span> (21.5.26)</p> </li> </ul> <h3 id="responses-to-invitation-to-comment-on-remedies">Responses to invitation to comment on remedies</h3> <ul> <li> <span id="attachment_8a31bb22-a088-4213-96fe-6668603d577d" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/69ef3dcded93f72cf8163408/BFAWU.pdf">Bakers, Food and Allied Workers Union’s response to the invitation to comment on remedies (PDF, 81KB)</a></span> (27.4.26)</li> <li> <span id="attachment_9fa50d95-a4b4-413c-893e-550814c30b6a" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/69faf36c990ff359ff453596/Market_participant_response_to_the_invitation_to_comment_on_remedies.pdf">Market participant response to the invitation to comment on remedies (PDF, 87KB)</a></span> (6.5.26)</li> <li> <span id="attachment_18463a41-e967-465a-b870-dd59cae1a9ec" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/69ef3e86606c20d412163424/Retailer_A.pdf">Retailer A’s response to the invitation to comment on remedies (PDF, 81KB)</a></span> (27.4.26)</li> <li> <span id="attachment_122f4520-7c5e-40a8-b69b-ff4ca47e1fcf" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/69ef3ea1ed93f72cf816340d/Retailer_B.pdf">Retailer B’s response to the invitation to comment on remedies (PDF, 75KB)</a></span> (27.4.26)</li> <li> <span id="attachment_58d4c16e-f470-4d05-ae54-4feaba6b1130" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/69ef3ebbd36883a64473b9f8/Retailer_C.pdf">Retailer C’s response to the invitation to comment on remedies (PDF, 84KB)</a></span> (27.4.26)</li> <li> <span id="attachment_f728109d-cfd5-4810-921d-a1b367b9a3a9" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/69ef3dfe20a498c16734afd4/Third_party_response_to_ITCR.pdf">Third party’s response to the invitation to comment on remedies (PDF, 76KB)</a></span> (27.4.26)</li> </ul> <h3 id="responses-to-interim-report">Responses to interim report</h3> <ul> <li> <span id="attachment_443b6d02-58aa-4e02-9983-783905d60b33" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/69ef3e5ded93f72cf816340c/Market_participant.pdf">Market participant’s response to the interim report (PDF, 101KB)</a></span> (27.4.26)</li> <li> <span id="attachment_c493e5b5-057a-4a4f-850f-fa1ad5b1def1" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/69ef3de2d36883a64473b9f4/Parties__response_to_interim_report.pdf">Parties’ response to the interim report (PDF, 244KB)</a></span> (27.4.26)</li> </ul> <h3 id="invitation-to-comment-on-remedies-closed">Invitation to comment on remedies: closed</h3> <p>10 April 2026: The invitation to comment on remedies sets out and consults on the actions which the CMA might take for the purpose of remedying the substantial lessening of competition and/or any resulting adverse effects provisionally identified in the interim report.</p> <ul> <li> <span id="attachment_1e046afb-9877-4e70-979e-8f8e641da5ae" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/69d8b1699df301a39cd8d885/_Invitation_to_comment_on_remedies_.pdf">Invitation to comment on remedies (PDF, 197KB)</a></span> (10.4.26)</li> </ul> <h3 id="interim-report">Interim report</h3> <p>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.</p> <ul> <li> <span id="attachment_68a432d8-d6c1-4a7d-833d-51287d8d9640" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/69c4cc3023fcbcd838a6f6d4/Interim_report_notice.pdf">Interim report notice (PDF, 143KB) </a></span> (26.3.26)</li> <li> <span id="attachment_0dc25fc2-f880-469b-8ea5-82ce68c6031b" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/69c4cc494a06660f08544218/Interim_report_summary.pdf">Summary of interim report (PDF, 151KB) </a></span> (26.3.26)</li> <li> <span id="attachment_8e59fa76-f0e7-4248-839c-9bdce0c4c8cb" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/69c67acc471d520038d0f782/Interim_Report_x.pdf">Interim report (PDF, 1.7MB)</a></span> (27.3.26)</li> <li> <span id="attachment_7f38c309-af09-4eb3-bf2f-680aee61bb39" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/69c67af643217762153609a3/Appendices.pdf">Appendices (PDF, 499KB)</a></span> (27.3.26)</li> </ul> <h3 id="response-to-our-areas-of-focus">Response to our areas of focus</h3> <ul> <li> <span id="attachment_617b05fe-9f70-4aa2-bb0f-2815955226e3" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/69a01c6e532c9ad91ebbcd37/Parties__joint_response.pdf">Parties’ joint response (PDF, 341KB)</a></span> (26.2.26)</li> </ul> <h3 id="areas-of-focus">Areas of focus</h3> <p>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.</p> <ul> <li> <span id="attachment_fd5110e6-7356-4443-8d5e-7be49ca4cce9" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/696882b9b122b8f5f68d0df5/Areas_of_focus.pdf">Areas of focus (PDF, 192KB)</a></span> (15.1.26)</li> </ul> <h3 id="inquiry-group-appointed">Inquiry group appointed</h3> <p>8 January 2026: The CMA has appointed the following inquiry group: </p> <ul> <li><a href="https://www.gov.uk/government/publications/cma-panel-member-biographies-and-disclosures-of-interest/inquiry-chairs-biographies#cyrus-mehta">Cyrus Mehta (Chair)</a></li> <li><a href="https://www.gov.uk/government/publications/cma-panel-member-biographies-and-disclosures-of-interest/panel-members-biographies#ashleye-gunn">Ashleye Gunn</a></li> <li><a href="https://www.gov.uk/government/publications/cma-panel-member-biographies-and-disclosures-of-interest/panel-members-biographies#robin-foster">Robin Foster</a></li> </ul> <h3 id="terms-of-reference">Terms of reference</h3> <p>8 January 2026: The CMA has referred the anticipated acquisition by Associated British Foods plc (through ABF Grain Products Limited) of Hovis Group Limited.</p> <ul> <li> <span id="attachment_171bec82-10f6-4aef-8ee9-9748ed1d0bab" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/695f49b8e83db7562d67195d/Terms_of_reference.pdf">Terms of reference (PDF, 100KB)</a></span> (8.1.26)</li> </ul> <h2 id="phase-1">Phase 1</h2> <h3 id="statutory-timetable">Statutory timetable</h3> <table> <thead> <tr> <th scope="col">Date</th> <th scope="col">Action</th> </tr> </thead> <tbody> <tr> <td>8 January 2026</td> <td>Decision to refer</td> </tr> <tr> <td>19 February 2026</td> <td>Deadline for phase 1 decision</td> </tr> <tr> <td>19 December 2025</td> <td>Launch of merger inquiry</td> </tr> <tr> <td>18 September to 2 October 2025</td> <td>Invitation to comment</td> </tr> </tbody> </table> <h3 id="reference-decision">Reference decision</h3> <p>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.</p> <ul> <li> <span id="attachment_a6bb9332-e420-4653-899d-048f830d4b53" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/695fa96e714f11cb497765c3/Decision_to_refer.pdf">Decision to refer (PDF, 107KB)</a></span> (8.1.26)</li> </ul> <h3 id="launch-of-merger-inquiry">Launch of merger inquiry</h3> <p>19 December 2025: The CMA announced the launch of its merger inquiry by notice to the parties.</p> <ul> <li> <span id="attachment_76240521-b56c-415d-bebd-82083de80104" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/69450874fdbd8404f9e1f357/_Commencement_notice_ABF-Hovis_.pdf">Commencement notice (PDF, 87KB)</a></span> (19.12.25)</li> </ul> <h3 id="invitation-to-comment-closed">Invitation to comment: closed</h3> <p>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.</p> <p>To assist it with this assessment, the CMA invites comments on the transaction from any interested party.</p> <h4 id="privacy-notice">Privacy notice</h4> <p>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 read our <a href="https://www.gov.uk/government/organisations/competition-and-markets-authority/about/personal-information-charter">privacy notice</a>.</p>
归纳
英国竞争与市场管理局（CMA）对Associated British Foods（ABF）收购Hovis的交易展开合并调查。CMA正在评估该收购是否可能导致市场竞争减少，影响消费者利益。调查尚处于早期阶段，CMA已邀请相关方提交意见。
点评
英国CMA启动的合并调查提示跨境并购中反垄断审查的不确定性风险。
法律视角点评
AI 生成 · 人工审核核心关切
英国CMA启动的合并调查提示跨境并购中反垄断审查的不确定性风险。
法律依据
中国《反垄断法》第21条
实务启示
中国企业涉英并购应提前评估并触发CMA的申报义务。