Speaking at the FWD annual dinner, Hunt said Tesco's turnover in grocery was larger than the entire wholesaling sector, and Tesco could use this buying power to squeeze better terms from T&S suppliers.
He warned that if Tesco launched a local price war, suppliers and local retailers would suffer.
He added: "I am sure that everyone in this room will hope the OFT will not simply look at the situation as it is now, but will anticipate what could happen in the years ahead if it nods through the acquisition.
"By referring the bid, the OFT will give the Competition Commission a constructive opportunity to ensure fair competition will exist between small and big business in the 21st century."
Later Hunt presented the FWD Gold Medals for 2002:
Young wholesaler of the year independent: Zahier and Tanvier Ahmed, directors, BA C&C
Young wholesaler of the year multiple: David Bryant-Pugh, marketing manager, DBC Foodservice
Wholesaler service to retailers: Farhat Abbas, marketing executive, Bestway C&C and Lee Furness, MD of WH & HM Young
Wholesaler service to caterers: Richard Frost, operations director, Blakemore Foodservice
C&C manager multiple: Peter Turner, general manager, Booker (Blackburn)
C&C manager independent: Athif Sarwar, MD, United Wholesale (Scotland)
Delivered depot manager multiple: Phil Mullins, general manager 3663 (Stowmarket)
Delivered depot manager independent: Steve Turner, MD,, Turner & Wrights (Bolton)
Service to the industry: Phil Caddick, general manager, Parfetts Cash & Carry (Aintree)