Woolworths Limited (ASX:WOW)
is edging closer to its planned acquisition of Hudson Building Supplies after receiving the competition regulator’s green light.
The supermarket giant has proposed to buy Hudson through a joint venture with US based hardware chain Lowe's. The Woolies and Lowe's JV already operates the Masters Home Improvement chain.
Hudson operates a chain of stores in New South Wales and Queensland supplying materials, hardware and home improvement products.
The Australian Competition and Consumer Commission says it will not block the deal as it will not be likely to substantially lessen competition.
Woolworths reported a net profit of $1.33 billion in the first half of the 2014 financial year.