Cérélia / Jus-Rol merger inquiry
Source: gov.uk (2025-03-07)

The CMA investigated the completed acquisition by Cérélia Group Holding SAS (either directly or indirectly) of certain assets relating to the UK and Ireland dough business (Jus-Rol) of General Mills, Inc.

Phase 2

Administrative timetable

Referral date: 15 June 2022

Statutory deadline: 24 January 2023
- Administrative timetable (https://assets.publishing.service.gov.uk/media/633c54dcd3bf7f1877a9e701/CJR_revised_Admin_Timetable.pdf) (5.10.22)
Contact
- xxx@xxx.xx (mailto:xxx@xxx.xx)
Case closure summary

7 March 2025: On 3 March 2025, Cérélia completed the sale of the divestment business to Brioche UK Limited, an affiliate of Rinkelberg Capital Limited. This brings the merger investigation to a close.
- Closure summary (PDF, 102KB) (https://assets.publishing.service.gov.uk/media/67cadf15a4dacdc2b08d80ce/Closure_summary.pdf) (7.3.25)
Court of Appeal judgment

11 April 2024: In a unanimous judgment, the Court of Appeal has fully dismissed Cérélia’s appeal against the Competition Appeal Tribunal’s judgment.

Court of Appeal judgment (https://caselaw.nationalarchives.gov.uk/ewca/civ/2024/352) (12.4.24)

Press notice: CMA wins second legal challenge in Cérélia/Jus-Rol case (https://gov.uk/government/news/cma-wins-second-legal-challenge-in-cereliajus-rol-case) (11.4.2024)

Directions to appoint a hold separate manager

30 January 2024: pursuant to paragraph 7 of the Final Undertakings offered by Cérélia on 11 April 2023, the CMA directed Cérélia to appoint a hold separate manager.
- Directions to appoint a hold separate manager (PDF, 153KB) (https://assets.publishing.service.gov.uk/media/65bbccf521f73f000de0baf8/Directions_to_appoint_a_hold_separate_manager_pdfa.pdf) (2.2.24)
Competition Appeal Tribunal judgment

1 September 2023: The Competition Appeal Tribunal has dismissed all grounds of Cérélia’s appeal.
- Press notice: CMA wins legal challenge in Cérélia/Jus-Rol case (https://www.gov.uk/government/news/cma-wins-legal-challenge-in-cerelia-jus-rol-case) (1.9.23)
- Judgment (https://www.catribunal.org.uk/cases/157941223-cerelia-group-holding-sas-and-cerelia-uk-limited)
Remedy Group appointed

12 April 2023: The CMA has appointed the Remedy Group.

Margot Daly (https://www.gov.uk/government/publications/cma-panel-member-biographies-and-disclosures-of-interest/panel-members-biographies#margot-daly) (Chair), Anne Fletcher (https://www.gov.uk/government/publications/cma-panel-member-biographies-and-disclosures-of-interest/panel-members-biographies#anne-fletcher), Robin Foster (https://www.gov.uk/government/publications/cma-panel-member-biographies-and-disclosures-of-interest/panel-members-biographies#robin-foster) and Sheila McClelland (https://www.gov.uk/government/publications/cma-panel-member-biographies-and-disclosures-of-interest/panel-members-biographies#sheila-mcclelland).

Final undertakings

11 April 2023: The CMA has accepted final undertakings and the reference has now been fully determined.
- Notice to accept final undertakings (PDF, 137 KB) (https://assets.publishing.service.gov.uk/media/643543c3cc9980000cb89320/Notice_to_accept_Final_Undertakings.pdf) (11.4.23)
- Final undertakings (PDF, 339 KB) (https://assets.publishing.service.gov.uk/media/643562e9cc99800013b89352/Final_Undertakings.pdf) (11.4.23)
Amendments/consents granted
- Derogation 5 March 2024 (PDF, 140KB) (https://assets.publishing.service.gov.uk/media/65f4876aaf6a0d001190d52b/Derogation_5_March_2024_pdfa.pdf) (18.3.24)
- Derogation 21 April 2023 (PDF, 186KB) (https://assets.publishing.service.gov.uk/media/67cadf32a4dacdc2b08d80cf/Derogation_21_April_2023.pdf) (7.3.25)
Notice of proposal to accept final undertakings

10 March 2023: The CMA gives notice of the proposal to accept final undertakings and is inviting comments on the proposed draft undertakings by 5pm on 24 March 2023.
- Notice of proposal to accept final undertakings (PDF, 121KB) (https://assets.publishing.service.gov.uk/media/640a1e60e90e076cd15356a3/Notice_of_Proposal_to_accept_Final_Undertakings_Cerelia.pdf) (10.3.23)
- Draft final undertakings (PDF, 340KB) (https://assets.publishing.service.gov.uk/media/640a1c35e90e076cc8062051/Final_Undertakings__Draft__Cerelia.pdf) (10.3.23)
Final report

20 January 2023: The CMA has published its final report.
- Final report (PDF, 2.67 MB) (https://assets.publishing.service.gov.uk/media/63ce8119d3bf7f3c4df5999b/Final_Report_FINAL.pdf) (23.1.23)
- Appendices and glossary (PDF, 547KB) (https://assets.publishing.service.gov.uk/media/63ca9dcfd3bf7f24b2b2edaa/Cerelia_Appendices_and_glossary_.pdf) (23.1.23)
- Summary of final report (PDF, 169KB) (https://assets.publishing.service.gov.uk/media/63c9592e8fa8f51c82df7abb/Summary__FOR_PUBLICATION_.pdf) (20.1.23)
- Press release: CMA unwinds dough deal to protect UK grocers and shoppers (https://www.gov.uk/government/news/cma-unwinds-dough-deal-to-protect-uk-grocers-and-shoppers) (20.1.23)
Responses to provisional findings and possible remedies
- Cerelia’s response to the provisional findings (PDF, 693KB) (https://assets.publishing.service.gov.uk/media/63971ebf8fa8f55304b07cbc/Cerelia_PF_Response__and_Annex__for_publication.pdf) (13.12.22)
- GMI’s response to the provisional findings (PDF, 222KB) (https://assets.publishing.service.gov.uk/media/63971bbe8fa8f552fdca81bf/GMI_-_Response_to_Provisional_Findings__28.11.2022___redactions_applied_.pdf) (13.12.22)
- Eccelso Ltd’s response to the provisional findings (PDF, 167KB) (https://assets.publishing.service.gov.uk/media/63971c42d3bf7f3f82d24728/Submission_by_Eccelso_Ltd.pdf) (13.12.22)
- The Retail Mind response to the provisional findings (PDF, 430KB) (https://assets.publishing.service.gov.uk/media/639757e9d3bf7f3f84a735b9/The_Retail_Mind_Response_to_PF_s_Cerelia_Jus-Rol.pdf) (13.12.22)
- Cerelia’s response to notice of possible remedies (PDF, 312KB) (https://assets.publishing.service.gov.uk/media/638a3455d3bf7f328640ac90/Cerelia_s_response_to_the_notice_of_possible_remedies_.pdf) (5.12.22)
Provisional findings

4 November 2022: The CMA has provisionally found competition concerns as part of its in-depth investigation of the completed acquisition by Cérélia Group Holding SAS (either directly or indirectly) of certain assets relating to the UK and Ireland dough business (Jus-Rol) of General Mills, Inc.

The deadline for submitting responses to the provisional findings is 5pm on Friday 25 November 2022.

The deadline for submitting responses to the notice of possible remedies is 5pm on Friday 18 November 2022.
- Provisional findings (PDF, 1.63 MB) (https://assets.publishing.service.gov.uk/media/636921acd3bf7f1e48cc9998/Cerelia_JusRol_Provisional_Findings_report__.pdf) (7.11.22)
- Appendices and glossary (PDF, 389 KB) (https://assets.publishing.service.gov.uk/media/6369220ee90e0750049b5f5f/Appendices_and_glossary_Cerelia_Jusrol_.pdf) (7.11.22)
- Summary of provisional findings (PDF, 166.15 KB) (https://assets.publishing.service.gov.uk/media/6363b996d3bf7f04e4fd986e/Cerelia_jus_rol_summary_new.pdf) (4.11.22)
- Notice of provisional findings (PDF, 142.88 KB) (https://assets.publishing.service.gov.uk/media/6363cf42d3bf7f04e58cdd40/Cerelia_Jus_rol_notice_of_pfs.pdf) (4.11.22)
- Notice of possible remedies (PDF, 189.89 KB) (https://assets.publishing.service.gov.uk/media/6363cd82e90e0705aae42ecc/Cerelia_Jus_rol_notice_of_poss_remedies.pdf) (4.11.22)
- Press release: UK grocers and shoppers could face higher prices due to dough merger (https://www.gov.uk/government/news/uk-grocers-and-shoppers-could-face-higher-prices-due-to-dough-merger) (4.11.22)
Notice of extension of statutory period
- Notice of extension (https://assets.publishing.service.gov.uk/media/633c54cbd3bf7f187834e09c/Cerelia_Jus-Rol_Notice_of_extension.pdf) (5.10.22)
Responses to the issues statement
- Cérélia’s response to the issues statement (https://assets.publishing.service.gov.uk/media/62f3c8d9e90e076cfda7abee/Cerelia_Jus-Rol_-_Issues_Statement_Response_11.8.22.pdf) (11.8.22)
Issues statement

15 July 2022: The issues statement sets out the scope of the inquiry. It outlines initial theories on what might be adversely affecting competition, but it does not set out findings or conclusions. The deadline for submissions on the issues statement is 5pm, 29 July 2022.
- Issues statement (https://assets.publishing.service.gov.uk/media/62d14516e90e071e748838d5/Non_confi_Issues_Statement_for_publication_.pdf) (15.7.22)
Initial phase 2 submission
- Cérélia’s initial phase 2 submission (https://assets.publishing.service.gov.uk/media/62d12f93e90e071e7defb97c/Cerelia__Jus-Rol_-_Initial_Submissions.pdf) (15.7.22)
Directions to appoint a monitoring trustee

15 July 2022: On 27 June 2022, pursuant to an initial enforcement order dated 12 May 2022, the CMA directed Cérélia Group Holding SAS to appoint a monitoring trustee.
- Directions to appoint a monitoring trustee (https://assets.publishing.service.gov.uk/media/62d14506e90e071e7a0748f9/MT_Directions.pdf) (15.7.22)
Inquiry group appointed

15 June 2022: The CMA has appointed the inquiry group.

Margot Daly (https://www.gov.uk/government/publications/cma-panel-member-biographies-and-disclosures-of-interest/panel-members-biographies#margot-daly) (Chair), Anne Fletcher (https://www.gov.uk/government/publications/cma-panel-member-biographies-and-disclosures-of-interest/panel-members-biographies#anne-fletcher), Robin Foster (https://www.gov.uk/government/publications/cma-panel-member-biographies-and-disclosures-of-interest/panel-members-biographies#robin-foster) and Sheila McClelland (https://www.gov.uk/government/publications/cma-panel-member-biographies-and-disclosures-of-interest/panel-members-biographies#sheila-mcclelland).

Terms of reference

15 June 2022: The CMA has referred the completed acquisition by Cérélia Group Holding SAS (either directly or indirectly) of certain assets relating to the UK and Ireland dough business (Jus-Rol) of General Mills, Inc. for an in-depth investigation.
- Terms of reference (https://assets.publishing.service.gov.uk/media/62a8a580d3bf7f036750b14c/20220615_ME_6988_22_-_Terms_of_reference_PUBLICATION.pdf) (15.6.22)
Phase 1

Statutory timetable

Reference decision

15 June 2022: The CMA has referred the completed acquisition by Cérélia Group Holding SAS (either directly or indirectly) of certain assets relating to the UK and Ireland dough business (Jus-Rol) of General Mills, Inc. for an in-depth investigation, on the basis that, on the information currently available to it, it is or may be the case that this merger has resulted or may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom.
- Decision to refer (https://assets.publishing.service.gov.uk/media/62a8a570e90e0703a2fed8bc/20220615_ME_6988_22_-_Decision_to_refer_PUBLICATION.pdf) (15.6.22)
Reference unless undertakings accepted

30 May 2022: The CMA has decided, on the information currently available to it, that it is or may be the case that this merger may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. This merger will be referred for a phase 2 investigation unless the parties offer acceptable undertakings to address these competition concerns.
- Full text decision (https://assets.publishing.service.gov.uk/media/62d12eddd3bf7f28583b00e7/ME_6988_22_Decision_on_SLC_FOR_PUBLICATION.pdf) (15.7.22)
- Summary of Phase 1 decision (https://assets.publishing.service.gov.uk/media/6293e0d5d3bf7f036a31c65e/ME_6988_22_Decision_Summary_publication.pdf) (30.5.22)
- News story: Bake-at-home dough merger raises competition concerns (https://www.gov.uk/government/news/bake-at-home-dough-merger-raises-competition-concerns) (30.5.22)
Re-issue of initial enforcement order

12 May 2022: The CMA served an initial enforcement order under section 72(2) of the Enterprise Act 2002, in relation to the completed acquisition by Cérélia Group Holding SAS (either directly or indirectly) of certain assets relating to the UK and Ireland dough business (Jus-Rol) of General Mills, Inc.
- Initial enforcement order (https://assets.publishing.service.gov.uk/media/627d26e6d3bf7f052005f25e/Cerelia_Jus_Rol_re-issued_IEO_-.pdf) (13.5.22)
Revocation order

12 May 2022: The Competition and Markets Authority (CMA) has made a Revocation Order under section 72(4) of the Enterprise Act 2002 in relation to the completed acquisition by Cérélia Group Holding SAS (either directly or indirectly) of certain assets relating to the UK and Ireland dough business (Jus-Rol) of General Mills, Inc. This Order revokes the initial enforcement order that the CMA imposed on 3 February 2022 and is without prejudice to the CMA’s ongoing investigation into the acquisition.
- Revocation order (https://assets.publishing.service.gov.uk/media/627d27078fa8f53f9bbf98a9/Cerelia_Jus_Rol_IEO_revocation.pdf) (13.5.22)
Launch of merger inquiry

31 March 2022: the CMA announced the launch of its merger inquiry by notice to the parties.
- Commencement notice (https://assets.publishing.service.gov.uk/media/62442d68e90e075f07426e4b/Cerelia_Jus-Rol_-_Notice_commencement_Initial_Period__webteam_.pdf) (31.3.22)
Invitation to comment: closed

31 March 2022: The CMA is considering whether it is or may be the case that this transaction has resulted in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation has resulted, or may be expected to result, in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.

To assist it with this assessment, the CMA invites comments on the transaction from any interested party.

Initial enforcement order

3 February 2022: The CMA served an initial enforcement order under section 72(2) of the Enterprise Act 2002 in relation to the completed acquisition by Cérélia UK Ltd of certain assets relating to the dough business of General Mills Inc.
- Initial enforcement order (https://assets.publishing.service.gov.uk/media/61fc0debe90e0768a6613125/Cerelia_Jus_Rol_merger_inquiry_-_IEO.pdf) (4.2.22)
Amendments / consents granted
- Derogation 3 April 2023 (PDF, 139 KB) (https://assets.publishing.service.gov.uk/media/6435658ccc9980000cb8934e/Derogation_3_April_2023.pdf) (11.4.23)
- Derogation 25 January 2023 (PDF, 134KB) (https://assets.publishing.service.gov.uk/media/63dd3a068fa8f57fbea05e98/Cerelia_JusRol_Derogation_25_January_2023.pdf) (3.2.23)
- Derogation 4 November 2022 (PDF, 134KB) (https://assets.publishing.service.gov.uk/media/6377798be90e07284a146ce0/Derogation_4_November_2022.pdf) (18.11.22)
- Variation to derogation 2 March 2022 (https://assets.publishing.service.gov.uk/media/63564b718fa8f554c470ac10/Variation_to_derogation_2_March_2022.pdf) (25.10.22)
- Derogation 12 May 2022 (https://assets.publishing.service.gov.uk/media/628244eb8fa8f55618cd35f0/Cerelia_Jus_Roll_Derogation12May_.pdf) (17.5.22)
- Derogation 11 March 2022 (https://assets.publishing.service.gov.uk/media/623469c6e90e07799d110f73/180322_Cerelia_Jus_Rol_-_Derogation_11_March_2022.pdf) (18.3.22)
- Derogation 2 March 2022 (https://assets.publishing.service.gov.uk/media/6220a7dae90e0710c4506ce1/xx-xxxx-xxxx__Cerelia_Jus_Rol_-_Derogation_2_March_2022.pdf) (4.3.22)
- Derogation 15 February 2022 (https://assets.publishing.service.gov.uk/media/621357aed3bf7f4f082f2f81/Cerelia_Jus_Rol_-_Consent_letter_dated_15_February_2022_publication_version.pdf) (21.2.22)
Contact

Please send written representations about any competition or public interest to xxx@xxx.xx (mailto:xxx@xxx.xx).