BP Australia Confirms Decision to Withdraw from Acquisition

On Wednesday Woolworths stated that BP had decided not to continue with the Au$ 1.8bn acquisition of the Woolworths fuel retail network.

The competition watchdog ACCC said the sale would reduce competition and see motorists pay more for petrol. There are 1400 BP-branded stores across Australia, with about 350 owned by the company and the rest run by independent operators.

BP Asia Pacific chief operating officer Andy Holmes said the company had explored every option to placate the ACCC - including selling a significant number of company-operated fuel outlets, and altering the proposed alliance with Woolworths - but none stacked up commercially.

Caltex spokesperson said it "continues to supply fuels to the Woolworths fuel business across Australia under the terms of the arrangement that has been in place for sometime". PW 220618

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Last modified onMonday, 27 August 2018 11:34
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