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.
