Australia’s competition commission OK’s DP World’s acquisition of P&O
The Australian Competition and Consumer Commission (ACCC) said it will not oppose DP World’s planned takeover of P&O Ports.
“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,” the ACCC said.
P&O Ports’ Australian subsidiaries lease, operate and manage terminals in Brisbane, Sydney, Melbourne and Fremantle. DP World’s presence in Australia is limited to the port of Adelaide.
DP World had a '3.3 billion ($5.8 billion) offer accepted by the board of P&O in late November, but PSA International has recently approached the London-based ports and ferries company with a '3.5 billion ($6.15 billion) offer.
Australia’s competition commission OK’s DP World’s acquisition of P&O
