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Australia: ACCC hits pause on AU$1.8b Woolworths, BP deal

By  |  October 4, 2017

The competition watchdog has delayed its decision on BP’s AU$1.8 billion (US$1.4 billion) acquisition of more than 500 service stations owned by Woolworths.

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    The Australian Competition and Consumer Commission (ACCC) said on Wednesday, October 4, that it needed more time for “data analysis, and to consider information provided by parties and market participants”.

    It was due to deliver its ruling on the deal on October 26, but that has now been pushed back to November 30.

    In August, the ACCC said it was concerned that motorists could end up paying more for fuel if the takeover went ahead.

    ACCC chairman Rod Sims said at the time that the deal could substantially reduce competition in metropolitan areas by reducing the number of rivals in the fuel market.

    Woolworths agreed in December 2016 to sell its 527 petrol stations and 16 development sites to BP, which already owns 350 retail sites in Australia and supplies a further 1050 BP-branded sites.

    Full Content: SBS News

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