Heinz acquisition of HP Foods referred to the Competition Commission in UK
On Aug. 16, 2005, Heinz completed its acquisition of HP Foods for GBP 470 million in cash. The transaction included culinary brands such as Lea & Perrins Worcestershire Sauce, HP sauces and a license to market Amoy Asian sauces brands in Europe.
27/10/05 The H.J. Heinz Company has announced that the UK Office of Fair Trading (OFT) has referred its acquisition of the HP Foods Group to the Competition Commission for further review.
On Aug. 16, 2005, Heinz completed its acquisition of HP Foods for GBP 470 million in cash. The transaction included culinary brands such as Lea & Perrins Worcestershire Sauce, HP sauces and a license to market Amoy Asian sauces brands in Europe.
"Heinz will cooperate fully with the Competition Commission as it reviews the merits of our acquisition of HP Foods," said Jane Miller, president of Heinz UK & Ireland. "It is not unusual for acquisitions of this magnitude to be referred to the Competition Commission to ensure that any potential concerns are addressed. Heinz is confident that this acquisition will meet the criteria for final clearance. This deal has already received approval from the merger authorities in Ireland and Germany."
The Competition Commission is expected to issue its report by April 11, 2006.
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