The Brief:
Ampol’s bid for EG Australia has been kicked into Phase 2
It’s the first deal to face an in-depth review under Australia’s new mandatory merger regime
Ampol has become the first test case of Australia’s revamped merger laws, as the ACCC declined to clear its proposed acquisition of EG Australia at Phase 1.
The watchdog says the deal could substantially lessen competition in the retail supply of petrol and diesel, combining two major fuel retailers with overlapping footprints nationwide.
According to the ACCC, 115 EG sites raise local competition concerns, with broader issues also identified across Brisbane, Canberra, Melbourne and Sydney.
Ampol’s proposed fix, divesting 19 retail fuel sites, didn’t move the needle.
“We have identified 115 EG sites where the acquisition could substantially lessen competition in the relevant local market,” ACCC Commissioner Dr Philip Williams said, adding that metro-wide impacts were also in play.
As a result, the deal now heads into a Phase 2 review.
The in-depth assessment can run for up to 90 business days under the Competition and Consumer Act, unless extended.
Ampol has acknowledged the decision, saying it’s consistent with the new merger control regime that kicked in on 1 January 2026, and remains confident the transaction is still on track for mid-2026 completion.
The ACCC hasn’t reached a final view and has opened the door for further input, inviting submissions on the Phase 2 notice by 4 February 2026.
HSF Kramer acts for Ampol.