ACCC approves Peter Warren's acquisition of Wakeling Automotive's dealership sites subject to conditions

The ACCC has approved Peter Warren Automotive Holdings Limited’s (ASX: PWR) (Peter Warren) acquisition of Wakeling Automotive Group’s new car dealerships, subject to conditions that Peter Warren divest eight dealership sites. Peter Warren and Wakeling Automotive both operate new car dealerships around the suburbs of Campbelltown, Narellan and Smeaton Grange in Sydney’s Macarthur region. The dealerships also offer servicing and repairs. The ACCC found that the proposed acquisition could substantially lessen competition in the supply of new cars, servicing and repairs in the Macarthur region. “Without the conditions, the acquisition would have resulted in Peter Warren operating 25 out of 34 new car dealerships in the region,” ACCC Commissioner Dr Philip Williams said. “To address our concerns, Peter Warren offered to divest eight car dealerships in the local area.” The eight divestment sites are located in Campbelltown and Smeaton Grange. The dealership sites represent Kia, GMSV, RAM, Isuzu UTE, GAC, Volkswagen and Suzuki brands. “Under the new merger regime, the ACCC can approve an acquisition with conditions if there are actions a party can take to address our competition c...