ACCC considering Bingo's proposed divestment

Company News

by Anna Napoli

Waste manager, Bingo Industries (ASX:BIN) has offered to divest its eastern Sydney waste processing plant to address anti-competition concerns related to its planned acquisition of Dial A Dump.

The Australian Competition and Consumer Commission (ACCC) in November raised concerns the deal could have negative impacts on the market for processing, landfill and collections of building and demolition waste.

The $578 million takeover could make Bingo the biggest waste collector in Sydney.

A consultation process, launched today, will seek the opinions of market participants on whether Bingo's proposed divestment is likely to address potential competition issues.

Bingo MD and CEO, Daniel Tartak says he remains firmly of the view that the acquisition would not substantially lessen competition in any relevant market including landfill and building and demolition processing.

Shares in Bingo Industries (ASX:BIN) trading 0.27 per cent higher at $1.84.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.