BP & Woolworths petrol station deal delayed

Company News

by Kathy Skantzos

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
 

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.