ACCC raises concerns over APA Group bid

Company News

APA Group (ASX:APA) has received warning from ACCC over its proposed acquisition of EnergyAustralia’s Iona Gas Plant.
 
The consumer watchdog has said that the proposed acquisition may raise competition concerns.
 
The ACCC has also voiced uncertainty over the potential combining of Iona with APA’s large existing portfolio of gas storage and transmission infrastructure, both in Victoria and throughout the east coast.
 
The Australian Competition and Consumer Commission warned the acquisition may give the natural gas infrastructure company an advantage in other pipeline developments. 
 
The ACCC has deferred its final decision until 5 November as it gathers more information. 
 
APA Group reported a net profit of $560 million for FY15.

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