BP: Australian watchdog opposes Woolworths deal.
(CercleFinance.com) - BP said on Thursday that it was about to consider ACCC's decision after the Australian Competition and Consumer Commission announced that it intended to oppose the group's proposed acquisition of Woolworths' petrol stations.
While saying it is “disappointed” by the news, BP states that it remains confident that, with its planned divestments, the transaction will not substantially reduce competition in the market.
The oil major is currently consulting lawyers to determine the next steps.
The ACCC said on Thursday that it would oppose BP's acquisition of Woolworths service stations, considering that the deal will substantially reduce competition in the retail supply of fuel.
Woolworths currently operates 531 sites in Australia, while BP supplies fuel to approximately 1,400 BP-branded service stations nationwide.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
While saying it is “disappointed” by the news, BP states that it remains confident that, with its planned divestments, the transaction will not substantially reduce competition in the market.
The oil major is currently consulting lawyers to determine the next steps.
The ACCC said on Thursday that it would oppose BP's acquisition of Woolworths service stations, considering that the deal will substantially reduce competition in the retail supply of fuel.
Woolworths currently operates 531 sites in Australia, while BP supplies fuel to approximately 1,400 BP-branded service stations nationwide.
Copyright (c) 2017 CercleFinance.com. All rights reserved.