Failed BP deal won’t hit Woolworths’ refit plans

Original article by Sue Mitchell
The Australian Financial Review – Page: 15 : 15-Dec-17

The Australian Competition & Consumer Commission has blocked the sale of Woolworths’ fuel business to BP on the grounds that it would likely push up petrol prices and reduce competition. Woolworths CEO Brad Banducci said he was disappointed by the ACCC’s decision. Woolworths was due to receive $A1.8 billion if the transaction had gone ahead, with some of the funds expected to be used on an upgrade of Woolworths’ supermarkets. Banducci said the ACCC’s decision should not impact on any refurbishment program.

CORPORATES
WOOLWORTHS GROUP LIMITED – ASX WOW, BP AUSTRALIA LIMITED, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, UBS HOLDINGS PTY LTD, SHERPA, YELLO, COLES SUPERMARKETS AUSTRALIA PTY LTD, AIRTASKER PTY LTD, AMAZON.COM INCORPORATED

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