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.