ACCC green lights Bluescope's OneSteel buy

Competition watchdog places conditions on approval of proposed acquisition.

The competition watchdog will not oppose BlueScope Steel's (BSL) proposed acquisition of Arrium's (ARI) OneSteel sheet and coil business, after placing conditions on the deal.

In a statement, the Australian Competition and Consumer Commission (ACCC) said it had accepted an undertaking from BlueScope to sell its sheet and coil processing assets in Western Australia.

The watchdog said the proposed acquisition would remove BlueScope's main competitor, and was concerned that it could have led to higher prices in the absence of the proposed divestiture.

The ACCC had earlier raised concerns over competition issues in the proposed deal, calling for further feedback.

InvestSMART FORUM: Come and meet the team

We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free

Related Articles