The Australian Competition and Consumer Commission (ACCC) has announced that Ampol Retail Holding Pty Ltd’s (ASX: ALD) proposed acquisition of EG Group Australia and EG AsiaPac Holdings (collectively, EG Australia) will undergo a Phase 2 review, following its initial assessment under the new merger control regime.
Under Phase 1, the ACCC did not approve the transaction and has determined that a more in-depth evaluation is required. Ampol and EG Australia both operate in the retail fuel sector, supplying petrol, diesel, and convenience products across all Australian states and territories.
“The acquisition would combine two major fuel retailers in Australia,” ACCC Commissioner Dr Philip Williams said. “We have identified 115 EG sites where the acquisition could substantially lessen competition in the relevant local market, and also consider that the acquisition could substantially lessen competition in the metropolitan areas of Brisbane, Canberra, Melbourne, and Sydney.”
The ACCC noted that Ampol’s proposed divestment of 19 retail fuel sites does not sufficiently address the identified competition concerns, prompting the referral to Phase 2 for a more comprehensive assessment. The Commission has not yet reached a conclusion on the matter and will continue its review in the coming weeks.
Stakeholders and interested parties are invited to make submissions in response to the ACCC’s Phase 2 Notice by 4 February 2026. Submissions can be directed to mergers@accc.gov.au. Details of the notice and supporting documents are available on the ACCC’s acquisitions register.
This is the first case to undergo a Phase 2 review under Australia’s new mandatory merger control regime, which came into effect on 1 January 2026. Under the new rules, businesses must notify the ACCC of any acquisition meeting notification thresholds and obtain approval before proceeding. Phase 1 assessments are generally completed within 15 to 30 business days, while Phase 2 reviews can take up to 90 business days, with potential extensions under specific circumstances.
The ACCC’s Phase 2 process ensures that acquisitions likely to substantially lessen competition are carefully examined to protect market integrity and consumer interests.