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Kraft Heinz unit required to divest brands to complete NZ acquisition

The Commerce Commission of New Zealand on March 9 said it gave U.S. packaged foods giant Kraft Heinz Co. clearance to acquire condiments-maker Cerebos Gregg's on condition that it divests certain brands.

Kraft's local unit, Heinz Wattie, is required by the commission to sell the New Zealand supply licenses for the Gregg's brand of red, barbecue and steak sauces, and the F. Whitlock & Sons brand of Worcestershire sauce.

Commission Chairman Mark Berry said in a statement that the regulator was concerned about the merger between the two biggest wholesale suppliers of sauces and its impact on competition but considered that the divestment offer would be sufficient to "remedy the competitive harm."

Heinz Wattie is also seeking approval for the acquisition from competition watchdogs in Australia and Singapore.