June 3 (Reuters) - Australia's competition watchdog on Wednesday approved Ampol's A$1.1 billion ($789.47 million) acquisition of EG Australia, the local arm of Britain's EG Group, subject to the divestment of 41 Ampol retail fuel sites.
Here are some details:
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The Australian Competition & Consumer Commission (ACCC) approved Ampol Retail Holding's acquisition of EG Group Australia and EG AsiaPac Holdings, together known as EG Australia.
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Ampol and EG Australia are both retailers of fuel, including petrol and diesel, and convenience products in all Australian states and territories.
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The regulator had raised concerns in January, stating the deal could materially reduce competition, and determined that the deal should be subject to a more detailed review.
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During the commission's phase 2 assessment, Ampol increased its offer to divest 41 retail fuel sites, compared with the 19 sites proposed earlier.
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ACCC has approved Dib Group (Metro Petroleum) as the buyer for these sites and granted a notification waiver for the purchase to implement the divestiture without further approvals or delays.
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Ampol said it expects the transaction to complete on June 30, 2026.
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The takeover deal, if completed, would mark EG Group's exit from Australia. The British petrol retailer entered the market in 2019 after buying supermarket chain operator Woolworth's fuel business for $1.25 billion.
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Shares of Ampol rise as much as 3.1% in early trade to hit their highest since May 25.
($1 = 1.3933 Australian dollars)
Reporting by Anjali Singh in Bengaluru; Editing by Subhranshu Sahu
Source: Reuters