Milbank LLP advised Unternehmensgruppe Theo Müller on all merger control-related aspects concerning the acquisition of the yoghurt brands “Elinas” and “Lünebest” from Hochwald Foods GmbH. Following a constructive exchange with the Federal Cartel Office, approval was granted in the first phase of the merger control procedure, as the acquisition will not significantly impede competition.
The merger concerns the markets for plain yoghurt and value-added yoghurt. The acquisition of the Hochwald brands complements the portfolio of the Unternehmensgruppe Theo Müller in the yogurt sector, which currently includes the brands “Müller” “Weihenstephan” and “Landliebe” among others. While the acquisition will give the Unternehmensgruppe Theo Müller a market share of over 30% in individual segments, the legal requirements for prohibiting the acquisition were not met. Even after the merger, effective competition will continue to exist and there will still be sufficient alternative sources of supply for food retailers and consumers.
Unternehmensgruppe Theo Müller is one of the largest dairies in Germany, producing milk and dairy products such as, for example, yoghurts, desserts, dairy drinks, butter, cream and basic dairy drinks. The products are marketed under the “Müller” “Weihenstephan” “Landliebe” and “Sachsenmilch” brands. In the 2024 business year, the company generated a worldwide turnover of approximately 9.5 billion euros and employed around 33,800 people at 20 production sites.
The Milbank team advising Unternehmensgruppe Theo Müller on antitrust matters was led by partner Alexander Rinne and included associates Jan Maas and Julia Röhrer (all antitrust).
