Caltex Australia Limited (ASX:CTX) has cleared a regulatory hurdle in its proposed acquisition of the fuel division of the Scotts Group.
The Australian Competition and Consumer Commission (ACCC) says it will not oppose the purchase after Caltex agreed to sell four retail fuel sites in South Australia and Victoria.
Australia’s competition regulator says the divestment of the retail sites by Caltex aims to ensure Caltex faces competition for retail customers in both Mt Gambier and Nhill.
The sites will be sold to an ACCC approved purchaser, Agostino, who are an independent operator of BP branded retail fuel sites in South Australia.
Caltex delivered a net profit of $529 million over the 2013 calendar year.
