ACCC defers decision on Toll's takeover of Concord Park and won't say when it will make its views known
By Brad Gardner | June 15, 2010
The competition watchdog will not say when it will make its views known on Toll’s takeover of Concord Park after scrapping its original date for a decision.
The Australian Competition and Consumer Commission (ACCC) was due to announce the findings of its review into the acquisition on June 10.
Toll finalised its deal with Concord Park on May 24 to integrate it into its Toll Express division, prompting the ACCC to reassess the June deadline.
“As this acquisition has already been completed, no expected decision date for the ACCC’s review will be posted,” the ACCC states on its website.
A spokeswoman for the ACCC says the review is still underway.
“A decision still has not been made,” she says.
Toll originally anticipated finalising the takeover on May 21.
Boasting annual revenue of around $90 million, Concord Park runs distribution, linehaul, express and logistics services.
“The business combines full truck load and less than a truck load services and will be a valuable addition to the group following its integration into the Toll Express business,” Toll Managing Director Paul Little says.
Although a company does not need to seek permission to finalise a deal before the ACCC makes its views known, the regulator may take legal action, including seeking an injunction, if it believes a takeover will lead to anti-competitive practices.
Concord Park is owned by the Barrot Group of Companies, which also runs Concept Logistics, Concord Park Express, CP Haulage, Concord Park Metro, Barrot Logistics and Concord Park Linehaul.
It began in 1990 and is one of the country’s largest carriers with branches in all capitals.
The ACCC began its informal review on May 6 and sought submissions from interested parties.