ACCC announce opposition of BP/Woolworths acquisition

ACCC announce opposition of BP/Woolworths acquisition

ACCC announce opposition of BP/Woolworths acquisition

Instead of a bauble, they got coal from the competition regulator, the ACCC which has made a decision to oppose the big petrol station sale and purchase between the two claiming the deal would lessen competition in the petrol market. Many consumers seeking out cheaper petrol will head to Woolworths petrol stations.

Mr Holmes said the company was confident that, with the appropriate divestments that the transaction would not lessen competition substantially.

In December 2016, BP signed deal to acquire Woolworths' existing 527 fuel and convenience sites across Australia, as well as an additional 16 sites which are under construction, for $1.3bn.

It wasn't the Christmas present Woolworths or BP were expecting.

"Not only does BP charge a substantially higher price than Woolworths, data shows BP is usually one of the first to increase its price, and slower to decrease".

Sooners RB Rodney Anderson won't be charged with sex assault
Anderson is the leading rushing for the Sooners this year and is a threat in both the running and passing attack of Oklahoma. The filing said she met Anderson when the two were at a bar on November 16 and his friends insisted Anderson drive her home.

"Woolworths is a vigorous and effective competitor which has an important influence on fuel prices and price cycles in many markets throughout the country".

"The ACCC has stated in its announcement, and we agree, that if the acquisition was to proceed, motorists will end up paying more for petrol".

Sims added: "This acquisition will likely affect metropolitan price cycles by making the price jumps quicker, larger and more coordinated. Reduced competition will also mean that prices will not fall as far, or as quickly, in the discounting phase of the cycle", Mr Sims said. BP's proposal to sell some of the sites wouldn't address these concerns, the watchdog said.

Major retailers' average regular unleaded petrol (RULP) price and the market average RULP price in Brisbane in the period 1 January to 30 April 2017.

BP and Woolworths said they were disappointed by the decision and would consider their next steps.

Re-election bid up to Assad, Russia says
Secretary-General Antonio Guterres, followed by a meeting with the U.N. De Mistura said he planned to attend that meeting.

In a separate ruling, however, it has permitted the establishment of a loyalty scheme which will see Woolworths customers able to receive discounts on BP fuel by up to four cents a litre.

"We are concerned that some manufacturers impose unnecessarily complex warranty claim processes, leaving dealers inadequately compensated for repairs or remedies provided to consumers".

However, the authorised conduct would only occur in the event BP acquires Woolworths' network of service stations.

Nearly a year ago, the supermarket chain Woolworths closed a $1.785 billion deal to sell its fuel business to BP.

Pakistan objects to Tillerson's statement
Tillerson, left, is shown meeting with Chinese President Xi Jinping at the Great Hall of the People in Beijing on September 30. We can talk about whether it's going to be a square table or a round table if that's what you're excited about.

Related news