Competition Regulator Raises Concerns Over Qube's Proposed Acquisition of MIRRAT

MT Newswires Live10-24

The Australian Competition and Consumer Commission (ACCC) raised concerns over Qube Holdings' (ASX:QUB) proposed acquisition of Melbourne International RoRo & Auto Terminal, or MIRRAT, the regulator said in a statement on Thursday.

MIRRAT operates an automotive roll-on/roll-off terminal in Webb Dock West in Melbourne, while Qube subsidiary, Automated Amalgamated Terminals (AAT), operates a general cargo terminal at Appleton Dock in the Port of Melbourne, as well as automotive cargo terminals at Port Kembla and Port of Brisbane.

"If this transaction goes ahead, Qube would be operating the [West Dock West] terminal while also being in active competition with other automotive stevedores or [pre-delivery inspection] providers," said ACCC Commissioner Philip Williams.

The regulator is concerned that post-acquisition, Qube can limit access to the terminal or related services, raising prices and lowering the quality of terminal services. The logistics firm would also have access to rivals' sensitive information, it added.

ACCC opened a public consultation for Qube's proposed court-enforceable undertakings to address the competition concerns. The proposal includes not allowing AAT to favor its interest in price and non-price disputes, providing independent oversight, and restricting AAT from introducing or changing certain tariffs.

In a Thursday filing with the Australian bourse, Qube said it welcomes the ACCC's decision and will continue to work with the regulator. It also believes that the consultation will "provide even stronger long-term protections" for MIRRAT terminal users.

Price (AUD): $3.80, Change: $+0.01, Percent Change: +0.13%

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