Business Services Industry
AUSTRALIA'S COMPETITION WATCHDOG OPPOSES ORIGIN ENERGY BID.
AsiaPulse News, November, 2004
SYDNEY, Nov 23 Asia Pulse - The competition watchdog today opposed the proposed acquisition by Origin Energy Ltd (ASX:ORG) of the jointly owned Mobil, Euphoric and Norvac LPG assets in Tasmania.
The Australian Competition and Consumer Commission (ACCC) said the proposed acquisition violates Section 50 of the Trade Practices Act 1974 which prohibits mergers or acquisitions that are likely to reduce competition in a substantial market.
ACCC chairman Graeme Samuel said the proposed acquisition would increase Origin's market share to more than 90 per cent of sales of LPG in Tasmania.
"This movement to such a large market share together with the significant barriers to entry is, in the ACCC's view, likely to lead to a substantial lessening of...
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