Automotive Holdings Group Limited
(ASX:AHG) has been blocked from the proposed sale of the Covs Parts business to GPC Asia Pacific Pty Limited by the ACCC.
The Australian Competition and Consumer Commission has opted not to clear the proposed acquisition over concerns the removal of Covs Parts would likely result in a substantial lessening of competition.
ACCC Chairman Rod Simms said trade customers have raised concerns the proposed acquisition would result in GPC acquiring its closest competitor.
GPC is proposing to acquire the company that owns and operates Covs Parts stores across 16 locations in Western Australia.
Automotive Holdings Group recorded a net profit of $94.11 million at 30 June 2015.
