Australia's Viva Energy rises on ACCC nod for acquiring rest of LOC Global
12/12/2024 03:14
** Shares of Viva Energy Group VEA.AX rise as much as 2.7%
to A$2.69, their biggest intraday pct jump since late-Nov
** ACCC to not oppose co's acquisition of remaining 50%
stake in LOC Global from New World Corp (NWC) after accepting a
court-enforceable undertaking which requires divestments
** Undertaking requires Viva Energy to divest 14 LOC retail
fuel and convenience sites across South Australia, Victoria,
Queensland and the Northern Territory to a subsidiary of NWC
** LOC is a joint venture currently owned by Viva Energy and
NWC
** Viva Energy and LOC overlap in the supply of retail fuel
across metropolitan and regional areas
** Stock has fallen 24.9% this year, as of last close
(Reporting by Namrata Verma in Bengaluru)
((namrata.verma@thomsonreuters.com))
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