The UK Competition Authority unwinds merger between the two largest suppliers of "ready to bake" products to national grocery retailers (Cerelia / Jus-Rol)

The CMA has concluded that a merger between the two largest suppliers of ready to bake products to UK grocery retailers should be unwound, highlighting the risks of choosing to complete mergers without first receiving CMA clearance. On 20 January 2023, the UK Competition and Markets Authority (“CMA”) published its final report on the acquisition by Cerelia Group Holdings SAS (“Cerelia”) of the Jus-Rol business of General Mills, Inc (“Jus-Rol” and together “the Parties”) (the “Merger”). The Merger was completed without obtaining prior approval from the CMA. The CMA found that the Merger would substantially lessen competition, and that the only effective remedy would be for Cerelia to sell all the assets of the Jus-Rol business to an independent buyer, even though the transaction had

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