Competition and Markets Authority clears Faccenda/Cargill joint venture
The UK Competition and Markets Authority (CMA) has approved a proposed joint venture by Faccenda Foods and Cargill, with the companies anticipating they will be operating as a “standalone joint venture by end of January 2018”.
The deal will create a food company focused on chicken, turkey and duck, providing a “solid platform for innovation and growth”.
CMA’s approval signifies the latest step in the two companies’ integration journey and they will continue to operate and compete as independent businesses until day one of the joint venture.
“As such, there will be no immediate change to how we serve our customers and partner with our suppliers and growers,” Faccenda noted in a statement.
First announced in late September, the new company will be a standalone business, with Cargill’s fresh chicken business in the UK joining Faccenda’s fresh chicken, turkey and duck business to form it.
It will also see Andy Dawkins, managing director for Faccenda Foods, be appointed chief executive officer of the newly formed company, while Chris Hall, fresh chicken director for Cargill Meats Europe, will be appointed chief commercial officer.
Earlier in November, the European Commission also approved the creation of the joint venture.
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