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MoneyACCC authorises AHG-AP Eagers merger

07:51  25 july  2019
07:51  25 july  2019 Source:   msn.com

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Thursday, 25 July 2019 ACCC authorises AHG - AP Eagers merger | Sky Australia The ACCC has given the go-ahead to AP Eagers ' proposed takeover of Automotive Holdings Group, accepting AP Eagers ' offer to sell its northern NSW dealerships.

"A combined AP Eagers and AHG would operate 46 per cent of new car dealership sites in the Newcastle/Hunter Valley region, including those for the ten In response to the ACCC 's conerns, AP Eagers has said that it does not believe that the merger will result in the lessening of any competition .

ACCC authorises AHG-AP Eagers merger © AAP Images The ACCC has given the go-ahead to AP Eagers' proposed takeover of Automotive Holdings Group, accepting AP Eagers' offer to sell its northern NSW dealerships.

The competition watchdog has authorised the AP Eagers' proposed takeover of rival car dealer Automotive Holdings Group, accepting AP Eagers offer to sell its dealerships in Newcastle and the Hunter Valley region.

The Australian Competition and Consumer Commission had been concerned that the combined company would have about half of the 78 dealerships in the area, so AP Eagers offered to sell Kloster Motor Group.

AP Eagers is selling Klosters, which has 11 dealerships in the region, to Tony White Group, a family owned group of dealerships in eastern Australia, for $54 million.

AHG shareholders have until September 16 to decide whether to accept or reject AP Eagers' offer of one share of AP Eagers for every 3.8 AHG shares held.

At 1038 AEST on Thursday, AP Eagers shares were down 6.0 cents, or 0.59 per cent to $10.15, while AHG shares were flat at $2.90.

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