On 8 July 2025, the Competition and Markets Authority (CMA) announced that it was inviting comments from any interested parties to see whether the deal would result in a “substantial lessening of competition” within the prepared foods market.
Comments can be submitted until 22 July as part of the information-gathering process, after which the CMA will determine whether it will launch a formal Phase 1 investigation.
Bakkavor accepted Greencore’s provisional acquisition offer – worth 85p per Bakkavor share plus 0.604 in new Greencore shares, which translates to 200p per Bakkavor share – in early April, with a final agreement reached on 15 May.
Upon completion Greencore shareholders are expected to own close to 56% of the combined group, while Bakkavor shareholders will own around 44%.
In the announcement, the firms hinted at the possibility of a CMA probe, stating that subject to approval from the competent body the deal should be completed in early 2026.
“Greencore and Bakkavor believe that the transaction will drive significant benefits for their customers and consumers and make a significant continuing contribution to the UK economy, and are confident in their approach to securing approval of the transaction by the CMA in a Phase 1 investigation without undertaking any remedies that are material to the combined group,” the announcement read.
Alongside the announcement, Bakkavor chair Simon Burke explained that there was a clear “strategic, commercial and financial rationale” for the merger with Greencore.
Dalton Philips, the chief executive officer of Greencore, added: “We are bringing together two experienced teams and our complementary portfolios will drive benefits for customers and consumers across the UK.”
The CMA is now led by former Amazon UK boss Doug Gurr as its interim chair, who was appointed to the role in January.
At the time, business secretary Jonathan Reynolds said he wanted the CMA under Gurr to “[supercharge] the economy with pro-business decisions”, but the move was criticised by think tanks and unions for potentially increasing monopoly power.
“Replacing the CMA’s chair with a former Amazon executive, at a time when a handful of US tech monopolies are tightening their grip over AI, is a major strategic blunder that will harm, not help, growth and innovation in the UK,” said Max von Thun, the director of Europe and transatlantic partnerships at the Open Markets Institute.
