A car retail giant has been given the green light to acquire a major competitor after agreeing to offload eight dealerships to address competition concerns.<\/p>\n
More than nine months after first announcing its plans to purchase Wakeling Automotive Group, motoring heavyweight Peter Warren\u2019s proposal has been approved.<\/p>\n
The Australian Competition and Consumer Commission waved through the $28 million deal after Peter Warren Automotive Holdings agreed to sell off eight dealerships in the Macarthur region.<\/p>\n
The watchdog found the proposed acquisition could have significantly reduced competition in car supply, servicing and repairs across Sydney\u2019s Macarthur region.<\/p>\n
Without the conditions, Peter Warren would have operated 25 of the 34 car dealerships in the region, ACCC Commissioner Philip Williams said.<\/p>\n
\u201cTo address our concerns, Peter Warren offered to divest eight car dealerships in the local area,\u201d he said.<\/p>\n
The eight sites are located in Campbelltown and Smeaton Grange and represent Kia, GMSV, RAM, Isuzu UTE, GAC, Volkswagen and Suzuki.<\/p>\n
The two automotive groups both operate new car dealerships around Campbelltown, Narellan and Smeaton Grange, with their businesses also offering vehicle servicing and repairs.<\/p>\n
Mr Williams said the ACCC\u2019s new merger regime allowed the watchdog to approve takeovers subject to conditions where they could address competition concerns.<\/p>\n
The deal had been under scrutiny since Peter Warren first notified the ACCC of the Phase 1 proposal in March.<\/p>\n
On June 2, the ACCC determined the transaction should undergo a Phase 2 review.<\/p>\n
That review was discontinued on June 15 following a written request from Peter Warren.<\/p>\n
The company subsequently submitted the notification to take over Wakeling on July 13, accompanied by its offer to offload eight sites.<\/p>\n
Under Australia\u2019s new merger control regime, which came into effect in January, businesses must notify the ACCC of acquisitions that meet prescribed thresholds and wait for approval before proceeding.<\/p>\n
Peter Warren operates more than 80 dealerships across 25 locations along Australia\u2019s east coast and represents more than 30 vehicle brands.<\/p>\n
Wakeling Automotive operates 30 dealerships at eight locations across Greater Sydney, Wollongong and the Southern Highlands.<\/p>\n
Read related topics:Australian business<\/a>Finance<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"A car retail giant has been given the green light to acquire a major competitor after agreeing to…\n","protected":false},"author":2,"featured_media":879615,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[380608,449129,449136,449155,449172,449169,130065,449131,449180,449142,449141,449135,449168,11275,449156,15252,74752,64,63,22536,99,5612,11136,68514,449175,449157,449170,843,22279,449151,20705,7136,21567,226736,449138,449165,449173,449178,168234,253403,449143,64672,77940,449130,449144,379412,414477,175563,376721,322888,345367,33674,30132,59170,449147,449152,449139,376476,449179,449182,673,449134,449154,449183,449146,20246,449166,449137,15495,33433,96177,449171,378904,2177,670,449163,449167,449140,449176,449149,413034,392917,44731,379168,449174,378882,449133,406922,449161,449177,449162,449160,449159,377064,449181,410678,449184,449164,449148,449132,18028,449145,449158,449150,449153,39834,4526],"class_list":["post-879614","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-s-east-coast","tag-s-macarthur-region","tag-s-new-merger-control-regime","tag-s-new-merger-regime","tag-s-proposal","tag-28m-wakeling-takeover-approval","tag-130065","tag-25-locations","tag-30-dealerships","tag-a-car-retail-giant","tag-a-major-competitor","tag-a-phase-2-review","tag-a-written-request","tag-accc","tag-accc-commissioner-philip-williams","tag-acquisitions","tag-approval","tag-au","tag-australia","tag-automotive","tag-business","tag-businesses","tag-buy","tag-campbelltown","tag-campbelltown-and-smeaton-grange","tag-car-retail-giant","tag-car-supply","tag-cars","tag-competition","tag-competition-concerns","tag-conditions","tag-deal","tag-drive","tag-effect","tag-eight-car-dealerships","tag-eight-dealerships","tag-eight-locations","tag-eight-sites","tag-gac","tag-getty","tag-gmsv","tag-greater-sydney","tag-green-light","tag-heavyweight-peter-warren","tag-isuzu-ute","tag-its-offer","tag-its-plans","tag-january","tag-july-13","tag-june-15","tag-june-2","tag-kia","tag-march","tag-million","tag-more-than-30-vehicle-brands","tag-more-than-80-dealerships","tag-more-than-nine-months","tag-mr-williams","tag-narellan-and-smeaton-grange","tag-new-car-dealerships","tag-new-south-wales","tag-our-concerns","tag-peter-warren","tag-peter-warren-automotive","tag-peter-warren-automotive-holdings","tag-picture","tag-prescribed-thresholds","tag-proceeding","tag-purchase","tag-ram","tag-scrutiny","tag-servicing-and-repairs","tag-snapp-business","tag-state","tag-sydney","tag-takeover-approval","tag-takeovers","tag-that-review","tag-the-28-million-deal","tag-the-34-car-dealerships","tag-the-accc","tag-the-australian-competition-and-consumer-commission","tag-the-company","tag-the-conditions","tag-the-consumer-watchdog","tag-the-deal","tag-the-eight-sites","tag-the-green-light","tag-the-local-area","tag-the-macarthur-region","tag-the-notification","tag-the-phase-1-proposal","tag-the-proposed-acquisition","tag-the-region","tag-the-southern-highlands","tag-the-transaction","tag-the-two-automotive-groups","tag-the-watchdog","tag-their-businesses","tag-vehicle-servicing-and-repairs","tag-vehicles","tag-volkswagen-and-suzuki","tag-wakeling","tag-wakeling-automotive","tag-wakeling-automotive-group","tag-watchdog","tag-wollongong"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/879614","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=879614"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/879614\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/879615"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=879614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=879614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=879614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}