Caltex Australia has hit antitrust obstacles in its planned A$300 million (US$252 million) acquisition of 302 Exxon Mobil retail sites in Australia, casting doubt on the future of a deal described by Caltex as its "platform for growth" (IOD May28,p3). The Australian Competition and Consumer Commission (ACCC) said Wednesday in a preliminary finding that the purchase would substantially reduce competition in the wholesale supply and distribution of gasoline and diesel in New South Wales and Queensland. It may also raise issues in Victoria and South Australia. The regulator plans to make further market inquiries before issuing a final ruling on Oct. 7.
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