Woolworths (ASX:WOW) and BP have requested the ACCC delays BP’s proposed $1.8 billion acquisition of Woolworths’ more than 500 petrol stations so the regulator can consider further information from the parties.
The expected new decision date is 14 December 2017.
ACCC Chairman Rod Sims said this is a significant decision for the retail petrol market in Australia.
He added that this potential transaction involves complex, extensive data analysis of fuel prices across all fuel sites in Australia over a number of years, and it is vital the ACCC takes the time to thoroughly access its likely impact.
The ACCC commenced a public review of the proposed acquisition on 15 March 2017.
Shares in Woolworths (ASX:WOW) closed 0.71 per cent higher to $26.96