ACCC approves Bingo's acquisition of Dial-a-Dump

Company News

by Katrina Bullock

Waste management company, Bingo Industries (ASX:BIN) has announced that the Australian Competition and Consumer Commission will not block their acquisition of Dial-a-Dump.

In order to get the deal over the line, Bingo Industries made a court enforceable undertaking to divest its Meadowbank processing facility to an ACCC approved purchaser.

ACCC approval comes despite initial concerns around the potential loss of competition in building and demolition waste processing in Sydney's Eastern suburbs and inner city, and the removal of Dial-a-Dump as a future competitor to Bingo Industries in the dry landfills market.

ACCC Chairman, Rod Sims says that 'taking into account the divestiture undertaking' there is 'unlikely to be a substantial lessening of competition in any market'.

Managing Director and CEO of Bingo, Daniel Tartak described the ACCC's decision as an important step in realising BINGO's 'five-year strategy to be a fully vertically integrated business and diversifying into new markets in NSW'.

Shares in Bingo Industries (ASX:BIN) are trading 13.1 per cent higher at $1.64.

Katrina Bullock

Finance News Network
Katrina is a respected TV journalist, as well as a renowned presenter and award winning lawyer. She holds a Bachelor of Laws (Honours 1st class, division 1), a Bachelor of Business (with Distinction) and is currently undertaking a PhD in Law focused on stock exchange disclosures and corporate governance. She began her career as a corporate lawyer in an Australian top tier commercial law firm and is currently the General Counsel of Greenpeace Australia Pacific. In 2020 Katrina was named one of the 30 best lawyers in Australia under 30 by Lawyer's Weekly.