BP acknowledges today’s announcement by the Australian Competition and Consumer Commission (ACCC) that it intends to oppose its proposed acquisition of Woolworths’ retail fuel business.

“We are disappointed by the news today from the ACCC. We remain confident that, with appropriate divestments as offered by BP, this transaction would not substantially lessen competition. In light of this, we are currently consulting with our lawyers to determine our next steps,” said BP Australia President Andy Holmes.

BP believes that this transaction and the partnership with Woolworths would bring a compelling new offer to Australian consumers that would transform convenience retailing in Australia. It would be the first of its kind for Australia’s growing convenience sector, bringing together BP’s quality fuels, Woolworths Rewards and a new range of high quality, fresh take-home food. BP has had great success rolling out similar offers with its partners in the UK, Germany, South Africa and other parts of the world.

BP has operated in Australia for close to 100 years and is one of the nation’s most significant investors. Through our upstream and downstream businesses, BP contributes to local economies, building infrastructure and creating jobs. BP believes that Australia is an exciting market and is absolutely committed to continuing to invest to bring our customers market-leading offers.

Extracted from BP.