The Australian Competition and Consumer Commission or ACCC on Wednesday announced that it has cleared Ampol Retail Holding Pty Ltd's (ALD.AX) acquisition of UK-based EG Group's Australian fuel and convenience business. The approval is subject to the divestiture of 41 retail sites across Australia to address competition concerns.
The Australian antitrust regulator said Ampol must sell the sites to Dib Group, owner of Metro Petroleum, after finding the deal would otherwise substantially lessen competition in 39 local markets where the two firms overlap. Metro Petroleum operates more than 300 sites nationally.
Ampol, which operates 576 Ampol-branded sites and 46 U-GO sites, had initially offered to divest 19 locations but increased the undertaking to 41 during the ACCC's Phase 2 review.
EG Australia operates 512 retail sites.
The ACCC said it was concerned the deal could reduce choice for motorists and was "very conscious of community concern about fuel prices and cost of living."
The regulator approved Dib Group as the purchaser and granted it a notification waiver, allowing the divestiture to proceed without further approvals.
The ACCC said details of the Phase 2 determination and undertaking would be published on its acquisitions register.
On the ASX, shares of Ampol closed Wednesday's trading 3.43 percent higher at A$34.96.
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