The Autorité de la concurrence clears the acquisition of Lutti Holdings by CPK (Carambar, Poulain, Krema, La Pie Qui Chante)
On 20 September 2018, CPK notified the Autorité de la concurrence of its acquisition of sole control of Lutti Holdings (“Lutti”).
Parties to the transaction
CPK has a portfolio of brands of chocolate products, candies, chocolate drinks and chewing gum. Since 2017, CPK has owned the brands Benco, Kaba, Carambar, Poulain, Dulciora, Krema, La Pie Qui Chante, Terry's, Terry's Chocolate Orange, Terry's All Gold and Segsations, as well as licenses for Suchard chocolates, Malabar chewing gums and Vichy pastilles. CPK is a subsidiary of the Eurazeo Group, a publicly traded investment company with interests in private equity, real estate and listed companies.
Lutti is also active in the manufacturing and marketing of candies and chocolates primarily in France and Belgium under the Lutti brand. The company is currently owned and controlled by the Katjes Group, which owns the Katjes, VICKS, Ahoj-Brause, Sallos, Piasten, Treets, Big Ben, Dallmann's, Harlekijntjes, Sperlari, Saila, Dietor, Dietorelle and Galatine brands.
The acquisition is not likely to harm competition
As the parties' shares in the markets concerned are limited, the Autorité de la concurrence was able to rule out any competition concerns and clear the acquisition without conditions. In particular, in the bag candy segment, which is the largest, the new entity will continue to face competition from many well-known brands, in the forefront of which is Haribo, the leader in the sector as well as this segment.
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