The Australian Competition and Consumer Commission today announced that it does not propose to intervene in the sale of Mobil's retail assets to 7-Eleven and the on-sale of the South Australian assets to Peregrine Corporation, conditional on receiving undertakings from each acquirer to divest certain assets.
"After extensive market analysis and consultation with interested parties, the ACCC was concerned that the acquisition by 7-Eleven of three sites – one in NSW and two in Queensland – and the acquisition by Peregrine of one site in South Australia would substantially lessen competition," ACCC chairman Graeme Samuel said today.
However, the ACCC has received confirmation from 7-Eleven that it will undertake to divest three sites, and also from Peregrine that it will undertake to divest one site.
"The ACCC considers that the proposed acquisitions by 7-Eleven and Peregrine, when viewed with the proposed divestitures, will not substantially lessen competition in the relevant markets," Mr Samuel said.
The ACCC is in ongoing discussions with 7-Eleven and Peregrine regarding the undertakings that each has agreed to provide and will provide further detail in due course.