January 7, 2019 / 10:57 PM / 6 months ago

Australian competition watchdog weighs Bingo's proposed divestment

Jan 8 (Reuters) - Bingo Industries Ltd has offered to divest its eastern Sydney waste processing plant to address antitrust concerns related to the waste management firm’s planned acquisition of Dial-aDump, Australia’s competition regulator said on Tuesday.

The Australian Competition and Consumer Commission in November said the deal could have negative impacts on the market for processing, landfill and collections of building and demolition waste.

Bingo announced the A$577.5 million ($421.7 million) acquisition of its smaller rival in August in a bid to take advantage of a Chinese ban on waste imports. The deal could make the company the biggest waste collector in Sydney, Australia’s most populous city.

Reporting by Aditya Soni in Bengaluru; Editing by Dan Grebler

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