Australia's Apollo Tourism falls on ACCC's concerns with Tourism Holdings merger

Tourism Holdings

28/04/2022 02:35

** Shares of Apollo Tourism & Leisure  ATL.AX  slide as much
as 14.6% to A$0.41, mark their biggest intraday fall since Feb.
23, 2021
    ** Australian Competition and Consumer Commission (ACCC)
outlines preliminary competition concerns with NZ's Tourism
Holdings'  THL.NZ  proposed acquisition of co
 urn:newsml:reuters.com:*:nASX91ycFh urn:newsml:reuters.com:*:nL4N2SV06W
    ** ACCC says acquisition of Apollo will remove THL's closest
and largest competitor for motorised RV rentals in Australia
    ** ACCC says it is concerned that consumers may end up
paying more to rent RVs, or receive lower quality and service,
as a result of the proposed acquisition
    ** Co says ATL and THL will work closely with ACCC through
the second phase of enquiries
    ** Shares hit their lowest since Sept. 3, 2021
    ** As of last close, stock down 23.2% this year

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))