LONDON (dpa-AFX) - Associated British Foods plc (ABF.L) announced on Friday that it has agreed to acquire Hovis Group Ltd. from Endless LLP to strengthen its UK bakery operations for undisclosed terms.
The transaction remains subject to regulatory approval before completion.
The deal will merge the production and distribution activities of ABF's Allied Bakeries with Hovis Group. The move aims to generate significant cost synergies and efficiencies, creating a profitable and sustainable UK bread business
The combined entity will focus on competing more effectively and driving product innovation, including enhancements to existing products and expansion into new ranges aligned with changing consumer tastes.
On Thursday, Associated British Foods closed trading, 1.39% lesser at 2,273 pence on the London Stock Exchange.
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