ACCC moves Ampol's EG acquisition bid to Phase 2 review
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The news: Petrol provider Ampol has acknowledged the latest announcement from the Australian Consumer and Competition Commission (ACCC) regarding the regulator's decision to move its review of the proposed acquisition of EG Australia into a phase 2 assessment.
Ampol remains confident in its position and will continue to work alongside the ACCC during the review process. The company reiterated its expectation that the transaction remains on track for completion in mid 2026, with the phase 2 assessment expected to take up to 90 business days to complete, unless stated otherwise.
Shares rose 1.67% to $29.90 per share at 10:15am AEDT.
The context: The update follows an ASX announcement from the ACCC earlier today confirming it had referred Ampol's proposed acquisition of EG Australia to phase 2 review, citing it required further assessment.
This referral indicated that the ACCC did not clear the transaction during its phase 1 assessment, which lead the transaction to move to a review phase.
The ACCC is concerned the acquisition could substantially lessen competition in the petrol and diesel sector in Australia. It said Ampol's proposed divestment of 19 retail fuel sites would not adequately lessen competition in local and metropolitan areas, which contributed to the decision to conduct an in-depth assessment.
The ACCC has not yet reached a final decision and will continue to consider the acquisition during the phase 2 review.
What they said: "We have identified 115 EG sites where the acquisition could substantially lessen competition in the relevant local market, and also consider that the acquisition could substantially lessen competition in the metropolitan areas of Brisbane, Canberra, Melbourne and Sydney," ACCC commissioner Philip Williams said.
