July 25, 2019 / 12:16 AM / a month ago

Australian regulator conditionally approves AP Eagers' takeover of Automotive Holdings

(Reuters) - Australia’s competition regulator said on Thursday it has approved AP Eagers’ (APE.AX) proposed acquisition of Automotive Holdings Group (AHG.AX), on the condition it sells its car dealerships in certain regions.

The Australian Competition and Consumer Commission (ACCC) said under a court enforceable undertaking, AP Eagers will sell its new car dealerships and related businesses in the Newcastle and Hunter Valley region to an ACCC approved, independent buyer.

Last month, the regulator raised preliminary concerns over competition in new car retailing in these regions but noted the deal was unlikely to reduce competition in major cities like Melbourne, Sydney and Brisbane.

Reporting by Rashmi Ashok in Bengaluru; Editing by Sam Holmes

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