The Australian Competition and Consumer Commission will not oppose the proposed acquisition of P&O Ports by DP World, ACCC Chairman, Mr Graeme Samuel, said today.
P&O Ports is a global container terminal and stevedore services provider with a presence in 19 countries, operating 29 container terminals and logistics operations at more than 100 ports worldwide. P&O Ports' Australian subsidiaries lease, operate and manage terminals in Brisbane, Sydney, Melbourne and Fremantle. DP World owns, operates and manages container terminals and other port infrastructure around the world.
"The ACCC believes the proposed acquisition is not likely to result in a substantial lessening of competition in the relevant markets given the limited overlap of DP World and P&O's operations in Australia. DP World's presence in Australia is limited to Adelaide Port where P&O Ports does not currently operate", Mr Samuel said.
DP World also submitted requests for clearance of the proposed acquisition from competition regulators in Germany, Spain, USA, UK and Italy.