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Team Veye   January 21, 2026

Ampol to Undergo Phase 2 Review Following Proposed Acquisition

Team Veye   January 21, 2026
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Australian market is tracking this fuel sector merger developments closely. Ampol emerges as key stock to watch amid ACCC Phase 2 review of its EG Australia acquisition.

Ampol Limited's (ASX: ALD)

proposed acquisition of EG Australia has encountered heightened regulatory hurdles as the ACCC has advanced it to Phase 2 review. The initial Phase 1 assessment identified competition risks across 115 EG sites and key metropolitan areas including Brisbane, Canberra, Melbourne and Sydney, where combining the two major fuel retailers could reduce rivalry in petrol and diesel supply. Ampol's offer to divest 19 retail sites did not sufficiently address these local and broader market concerns, making this the first Phase 2 case under Australia's new mandatory merger regime that started January 2026.

Ampol has expressed confidence in the process, noting that Phase 2's deeper review of potential substantial lessening of competition has a higher threshold than Phase 1. The company commits to constructive engagement during the evaluation which can take up to 90 business day, with the transaction still targeting completion in mid 2026. This merger would unite nationwide operations in fuel retailing and convenience products.

Market participants are awaiting further developments, including public submissions which is due by 04 February. The outcome will signal how strictly the new merger regime is applied to large scale fuel and convenience consolidation, and whether future deals will face similar structural remedies or extended timelines.

(Source: Company Reports)

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