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Viva Energy-LOC Global deal gets green light from Australia's competition watchdog

( December 12, 2024, 05:02 GMT | Official Statement) -- MLex Summary: Viva Energy’s proposed acquisition of rival fuel retailer LOC Global is set to go ahead, after Viva agreed to divest 14 sites across multiple Australian states. In a statement, the Australian Competition & Consumer Commission said the divested sites would be operated by a newly created subsidiary of LOC’s parent company, New World Corporation. The companies had originally proposed the divestment of 12 sites, but increased the number in response to the watchdog’s investigations. The regulator has recently expressed concerns about serial acquisitions in the retail-fuel sector.The full statement from the Australian Competition & Consumer Commission follows; and a copy of Viva's court enforceable undertaking is attached:...

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