French regulator approves Euralis, Maïsadour merger subject to competition conditions

FRANCE – France’s competition authority has granted conditional approval for the planned merger of agricultural cooperatives Euralis and Maïsadour after the two organisations agreed to a series of commitments designed to address competition concerns.

The Autorité de la Concurrence approved the transaction following an investigation that included consultations with farmers, competing businesses and food retailers to assess the potential impact of the merger on agricultural and food markets.

The regulator concluded that the combined business would occupy a dominant position in the market for fattened duck products, including foie gras and duck breasts, raising concerns that consumers in both retail and foodservice channels could face higher prices.

The authority also warned that the merger could reduce marketing options for farmers selling cereals, oilseeds and protein crops while limiting their choice of animal feed suppliers in south western France.

To address these concerns, Euralis and Maïsadour submitted three sets of commitments aimed at maintaining competition across the affected sectors.

The cooperatives agreed to transfer the production of at least 2 million fattened ducks to competing businesses by 17 July 2031, including the sale of the Canadour production business and the Sarrade foodservice brand.

The companies also committed to facilitating the acquisition of farms owned by member producers by competing operators to preserve production capacity within the sector.

Asset sales to preserve market competition

As part of the conditions attached to the approval, the merged entity will divest 12 crop collection facilities, comprising silos and collection platforms, to buyers approved by the competition authority.

Maïsadour has also agreed to sell its animal feed manufacturing plant in Pomarez, located in the Landes department, to a competitor approved by the regulator.

The Autorité de la Concurrence said compliance with the agreed commitments will be closely monitored by one or more independent trustees, adding that it will pay particular attention to the transfer of production capacity during the next five years.

Euralis and Maïsadour first announced plans to merge in March 2025, following the collapse of an earlier proposal in 2023 to combine their foie gras, salmon and direct sales operations after regulatory objections.

The merged cooperative is expected to generate annual revenue of approximately €3 billion (US$3.2 billion) and will represent more than 10,000 member farmers involved in crop production, poultry farming and animal nutrition activities.

Autorité de la Concurrence president Benoît Cœuré said the decision demonstrates that agricultural cooperatives can proceed with consolidation when appropriate commitments are introduced to maintain effective competition throughout the agricultural and food value chain.

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