The Australian Competition and Consumer Commission (ACCC) said it will not oppose Coles Group's (ASX:COL) unit Coles Supermarkets Australia from acquiring leasehold interests to establish new supermarkets in Victoria, according to a Friday statement by the Commission.
Under a court-enforceable undertaking, Coles is required to sell its ownership and stake in the Kororoit site in the region to Neale Deanside Development, the statement said.
The divestiture will allow a competitor to enter the area, the statement added.
The ACCC confirmed that without the divestiture, the merger may "substantially" lessen competition.
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