Wesfarmers Limited
(ASX:WES) has received notice that the Australian Competition and Consumer Commission will not oppose Coles’ proposed acquisition of five Supabarn supermarkets in NSW and the ACT.
The ACCC had expressed concern over Coles’ original proposal to acquire nine supermarkets from Supabarn. The competition watchdog had highlighted the proposed acquisition would substantially lessen competition.
Coles has revised its intentions and now proposes to acquire supermarkets in the Canberra Centre, Kaleen and Wanniassa in the ACT, and Five Dock and Sutherland in NSW.
The ACCC now says that the deal has been restructured in a way that removes the most problematic stores, as well as two other stores of lesser concern while retaining Superbarn as a supermarket chain after the acquisition is completed.
Wesfarmers recorded a net profit of $1.39 billion at 31 December 2015.
