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EU opens in-depth study of Cargill's planned buy of ADM chocolate unit

Reuters

BRUSSELS (Reuters) - The European Commission said on Monday it had opened an in-depth investigation into Cargill Inc's [CARG.UL] planned acquisition of the industrial chocolate business of rival Archer Daniels Midland Co (ADM.N).

The EU executive said it now had until July 8 to investigate the planned $440 million (284 million pounds) deal designed to expand Cargill's production capacity in North America.

The Commission said its preliminary investigation had shown potential competition concerns in the supply of industrial chocolate to customers in Germany and Britain, where Cargill, ADM and Barry Callebaut were the main suppliers to customers.

"The proposed transaction could eliminate an important competitor and reduce the choice of suitable suppliers in already concentrated markets, which could lead to price increases," the Commission said in a statement.

(Reporting By Philip Blenkinsop)