Peter Warren Automotive Holdings Plans Revised ACCC Submission for Wakeling Acquisition

MT Newswires Live06-15

Peter Warren Automotive Holdings (ASX:PWR) withdrew its original application to the Australian Competition and Consumer Commission (ACCC) for the proposed acquisition of Wakeling Automotive and will resubmit a revised phase one application, including a remedy proposal aimed at securing regulatory approval, according to an Australian bourse filing on June 12 after market hours.

The decision follows discussions with the ACCC and Wakeling Automotive's vendors, per the filing. As previously disclosed, the regulator told the company it would advance the transaction to a phase two review under a new merger control process.

The revised application is expected to incorporate proposed measures addressing the ACCC's concerns, the company said, adding that it will work closely with the regulator to obtain clearance for the deal.

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