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ACCC approves Woolworths' acquisition of Danks

ACCC approves Woolworths' acquisition of Danks

The Australian Competition and Consumer Commission (ACCC) has decided to allow Woolworths (ASX:WOW) to acquire Danks Holdings (ASX:DKS), after some concessions from the retail giant.

Woolworths, in conjunction with US hardware retailer Lowe’s, plans to acquire Danks to support their planned JV, which will open a series of home improvement stores in Australia.

But Danks supplies hardware services to potential competitors of the JV including Home Hardware and Thrifty-Link, leading the ACCC to raise competition concerns.

But Woolworths and Lowe’s have issued court enforceable undertakings to address these concerns, ACCC chairman Graeme Samuel said today.

“With these undertakings in place the ACCC considers the proposed acquisition unlikely to result in a substantial lessening of competition,” he said.

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Tags Mergers and acquisitionsacccwoolworthsDanks

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