ACCC will not oppose Cleanaway Waste Management deal

Company News

by Rachael Jones

The Australian Competition and Consumer Commission (ACCC) has announced that it will not oppose the proposed acquisition of Tox Free Solutions (ASX:TOX) by Cleanaway Waste Management (ASX:CWY).

The acquisition does remain subject to the receipt of Tox Free shareholder approval and Court approval.

Cleanaway and Tox Free both supply waste management services, including the collection, treatment and disposal of municipal, commercial and industrial, liquid, hazardous and medical waste. They also provide various types of industrial services.

The ACCC says this was a complex matter for them. They consulted with over 70 interested parties including customers, competitors, regulators and industry bodies. There was a mix of views on the competitive impacts, with some expecting little change, and others highlighting concerns.

The Scheme is expected to be implemented on Friday, 25 May 2018.

Shares in Tox Free Solutions (ASX:TOX) are up 0.29 per cent to $3.43.

Shares in Cleanaway Waste Management Limited (ASX:CWY) are up 3.5 per cent to $1.63

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.