Boparan - comment
The ratchet system in place with the supermarkets regarding feed prices is the primary reason the CMA is preventing (for a second time) the merger of Hook 2 Sisters and ForFarmers feed business. Technically this decision is good news for Boparan as it will avoid friction with its supermarket customers. However, further public comment from Ranjit about the viability of the poultry industry in the UK will weigh on the bonds.