French sugar giant Tereos has been fined £25k for failing to disclose relevant information over its recent merger with Tate & Lyle Sugars.
T&L Sugars bought Tereos’ retail sugar operation in the UK in November 2023, though the Competition & Markets Authority referred it for an in-depth review in March after the regulator suggested the deal could result in higher sugar prices for British shoppers.
The CMA has now fined Tereos for failing to comply with the requirements of the investigation to provide certain minutes and documents about its board and corporate governance. It said that Tereos failed, without reasonable excuse, to provide a full response.
“It’s important that firms respect the UK merger review process – which includes providing all the information we need to promptly progress our investigation,” said Richard Feasey, chair of the independent inquiry group that led the investigation.
“Firms and their advisers must not apply their own narrow, artificial interpretation of our formal information gathering requirements – as Tereos has done here. Had they responded properly then Tereos could have avoided this fine altogether.”
The CMA cleared T&L Sugars’ purchase in September after concluding that without the deal, Tereos’ UK retail business would most likely close. It supplies white granulated, baking, and specialty sugars to supermarkets and wholesalers in the UK, under both the Whitworths Sugar brand and own-label.
Tereos has been approached for comment.
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