Source: Sharecast
The review, which began on 1 September, assessed the potential impact of the transaction on competition across multiple product categories. In its decision, the CMA confirmed that approximately 99% of the combined group's revenues do not raise any competition issues.
However, the CMA identified a potential concern in one specific area - the supply of own-label chilled sauces in the UK - noting that there may be a realistic prospect of a substantial lessening of competition in this segment.
Greencore now has the opportunity to offer remedies to address this concern and avoid a more detailed Phase 2 investigation, with both Greencore and Bakkavor stating they were engaging constructively with the CMA and remain confident in securing final clearance.
The companies reiterated their expectation that the transaction will complete in early 2026, in line with previous guidance.
As of 0810 GMT, Bakkavor shares were up 0.44% at 229p, while Greencore shares were flat at 248p.
Reporting by Iain Gilbert at Sharecast.com