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BP's deal to buy Woolworths service stations faces delay

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BP's deal to buy Woolworths service stations faces delay

The Australian Competition and Consumer Commission has delayed its decision on BP plc's proposed acquisition of a Woolworths Ltd.-owned network of retail service stations, according to a report from Inside FMCG.

The consumer watchdog said it needed more time to conduct due diligence on the deal, the publication reported Oct. 4. The ACCC had been due to deliver its ruling on the deal Oct. 26, but it has delayed its decision until Nov. 30.

The ACCC released a "statement of issues" document Aug. 10 outlining concerns related to the BP-Woolworths deal.

BP agreed in 2016 to acquire 527 of Australian-based Woolworths' fuel convenience sites and 16 committed development sites.

If the deal closes successfully, both retailers will jointly launch about 200 new format convenience stores, marking their foray into the fuel convenience store market.