Australian competition body approves Mobil retail network sale

The Australian Competition and Consumer Commission (ACCC) gave its clearance for local convenience store operator 7-Eleven to acquire U.S. major ExxonMobil’s service station network in eastern and southern Australia. Under the terms of a deal, 7-Eleven bought 295 service stations operating under the Mobil banner, and announced plans to sell 30 of the sites in south Australia to local convenience store operator Peregrine Corp. After conducting its review, the ACCC has ordered 7-Eleven to divest three of the sites and Peregrine to divest one. The acquisition will make 7-Eleven the largest independent fuel retailer in Australia. (July 22, 2010)