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FILE PHOTO: The logo of BP is on affectation at a petrol base in Moscow, Russia, July 4, 2016. REUTERS/Sergei Karpukhi/File photo
SYDNEY (Reuters) – Australia’s better bazaar abettor Woolworths Group Ltd (WOW.AX) annulled a A$1.8 billion (£1 billion) auction of its petrol stations to BP Plc (BP.L) on Thursday, afterwards it was blocked by Australia’s antitrust regulator.
The grocer, which wants to avenue the business to focus on supermarkets, said it would accompany “alternative options” for the 527 petrol stations and 16 development sites, after giving details.
The Australian Competition and Consumer Commission blocked the accord in December because of apropos it would advance to college ammunition prices.
“It is abrogating at the margin, but I don’t anticipate it changes the all-embracing administration and action of Woolworths,” said Michael McCarthy, arch architect at agent CMC Markets.
Other options could accommodate amphibian the business, award addition client or affairs it to a clandestine disinterestedness firm, he added.
Woolworths Arch Executive Brad Banducci said aftermost ages added parties had bidding absorption in the account stations.
Fuel awash by Woolworths is supplied by Caltex Australia (CTX.AX), which was an underbidder for the petrol stations. It stood to lose the accumulation arrangement beneath the BP deal, at a amount of up to A$150 actor in absent earnings.
“Despite its best efforts, BP has bent the transaction cannot be structured to accommodated its cardinal objectives,” BP said in a statement.
Reporting by Tom Westbrook in Sydney. Additional advertisement by Susan Mathew in Bengaluru; Editing by James Dalgleish and Stephen Coates
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