The competition regulator has cleared Wesfarmers Limited (ASX:WES) proposed acquisition of three Progressive Supa IGA stores.
Metcash Limited
(ASX:MTS) has a 45 per cent stake in the supermarkets which are located in Western Australia.
The Australian Competition and Consumer Commission (ACCC) says the proposed acquisition is not likely to result in a substantial lessening of competition.
The ACCC noted community concerns but says each of the local markets around the stores has at least one large competitive independent offer in addition to Woolworths Limited
(ASX:WOW).
Wesfarmers reported a net profit of $2.68 billion in the full 2014 financial year.
