Heinz gets provisional clearance for HP Foods deal |
|
|
Published
:
Sat, 25 Feb 2006 02:10
|
LONDON: U.S. food major H.J. Heinz Company got provisional clearance from the U.K. Competition Commission for the acquisition of British company HP Foods Group.
The Office of Fair Trading had referred Heinz's 470-million-pound buyout proposal to the commission in late 2005 as it feared price rises for brown sauce and tomato ketchup in the wake of the acquisition. The commission ruled that the deal will not result in competition concerns.
HP Foods is owned by French company Group Danone S.A. The takeover will make Heinz the leading vendor of sauces in Britain. The deal covers HP Foods' Lea & Perrins Worcestershire Sauce and a license to market Amoy Asian sauces brands in Europe.
The commission said the acquisition may not be expected to result in a substantial lessening of competition. It will publish its final report by 11 April.
Heinz has nearly 5,000 staff in Britain, while HP Foods employs 450.
Heinz's chairman William R Johnson said the commission's initial findings are in line with his expectations and he was confident the acquisition will meet the criteria for final clearance.
|
|
|
|
|
|
|
| Stock
Quotes * |
|
NASDAQ
|
|
1535.57 |
+3.47 (
0.23 %)
|
| SYMBOL (
2007-09-26 ) |
| LAST |
CHANGE
|
|
HANSON
(
12:41pm )
|
|
1099.00 |
+3.00 (
0.27 %)
|
|
AMVESCAP
(
11:35am )
|
|
607.50 |
+2.50 (
0.41 %)
|
| SYMBOL (
2008-11-28 )
|
| LAST |
CHANGE
|
| SYMBOL (
2008-11-28 )
|
| LAST |
CHANGE
|
|
|
Print this Story
Heinz buys Danone's British and U.S. business 