CMA unconditionally clears UK dairy merger

On 22 October 2024, the UK Competition and Markets Authority (CMA) unconditionally cleared Müller’s acquisition of Yew Tree Dairy following a Phase I investigation. 

The CMA’s investigation focused on horizontal theories of harm in relation to the supply of fresh milk to middle ground customers (i.e., those between national multiples and doorstep customers) in Great Britain. The CMA found that the parties are not close competitors in this segment and will continue to face sufficient competition from other dairy processors post-transaction. The CMA placed significant weight on analyses prepared by RBB which demonstrate that the parties had limited competitive overlap and that Yew Tree Dairy’s drying facilities are not essential in supporting competition in the dairy sector (see the CMA’s decision here).

RBB’s team, led by Adrian MajumdarAdrian MajumdarManaging Partner and supported by Jasmine PengJasmine PengAssociate Principal, assisted the parties alongside Freshfields.