Highlights

  • Ampol’s acquisition of EG Australia moves to ACCC Phase 2 review for detailed assessment.
  • ACCC flagged 115 EG sites where the deal could substantially reduce competition.
  • Ampol’s offer to divest 19 retail fuel sites deemed insufficient by the ACCC.
  • The review could impact Ampol’s future retail expansion and market positioning in Australia

The Australian Competition and Consumer Commission (ACCC) has referred Ampol Ltd (ASX:ALD) acquisition of EG Group Australia and EG AsiaPac Holdings to a Phase 2 review. This follows the Phase 1 assessment, in which the ACCC did not approve the transaction, indicating the need for further in-depth consideration.

Ampol and EG Australia operate in retail fuel, including petrol and diesel, as well as convenience products across all Australian states and territories. The ACCC expressed concerns that the acquisition could substantially lessen competition in the retail supply of fuel in several local markets.

The regulatory body has identified 115 EG sites where the merger could significantly reduce competition, in addition to metropolitan areas including Brisbane, Canberra, Melbourne, and Sydney. Ampol’s offer to divest 19 retail fuel sites was deemed insufficient to address the competition issues at both local and metro-wide levels, prompting the ACCC’s Phase 2 review. The ACCC has not reached a conclusion and will continue its assessment in the coming months.

Investor Watch: Acquisition and Market Implications

The Phase 2 referral places the spotlight firmly on Ampol’s acquisition strategy and potential market consolidation. Investors are closely monitoring the review process, as outcomes could influence Ampol’s competitive positioning in major urban centers and its broader retail footprint across Australia.

The Ampol shares had delivered a one-year returns of 0.77% as on 21 January 2026. It closed at AUD 29.96 per share.