THE ACCC has delayed its decision on QUBE Holdings’ acquisition from Wallenius Wilhelmsen of the Melbourne International RoRo & Automotive Terminal until 10 April.
It was 27 May 2024 when QUBE, through subsidiary AAT, said it had entered into a binding agreement to acquire MIRRAT from WW for a total consideration of around $332.5 million (plus stamp duty and other costs) which would be funded from Qube’s available, undrawn debt facilities. The acquisition was expected to be completed early this year.
The ACCC originally began work under its Informal Merger Review process in late June, with a decision expected in September. On 24 October issued a Statement of Concern and said it was seeking views on a court-enforceable undertaking offered by QUBE, which it has put forward to remedy competition concerns.
MIRRAT operates the automotive/Roll-on Roll-off terminal at Webb Dock West in Melbourne. The proposed acquisition would permit QUBE to acquire sole operating rights for roll-on roll-off trade through the Port of Melbourne, the Commission said.
QUBE, through its wholly owned subsidiary, AAT, operates automotive cargo terminals at the Port of Brisbane and Port Kembla, as well as a general cargo terminal at Appleton Dock at the Port of Melbourne.
QUBE is Australia’s largest provider of import and export logistics services including port-related activities of terminal management, stevedoring, processing, pre-delivery inspection (PDI) and delivery.
“The proposed acquisition would result in QUBE, which is one of Australia’s largest integrated terminal and freight logistics providers, owning a further interest in a critical component of the automotive delivery supply chain at the Port of Melbourne,” ACCC Commissioner Dr Philip Williams said at the time.
“We are concerned that the proposed acquisition may have a significant effect on competition in downstream services such as automotive stevedoring and PDI services.
“If this transaction goes ahead, Qube would be operating the terminal while also being in active competition with other automotive stevedores or PDI providers,” Dr Williams said.
The ACCC’s decision was due to be announced today [27 March] but the Commission says this has been delayed until 10 April while seeking further information from QUBE.
Coincidentally, the delay comes on the day the ACCC has released draft guidance explaining the processes that it will use when assessing acquisitions under Australia’s new merger regime, and is seeking feedback on the guidance through consultation.
In addition to releasing the draft merger process guidelines, the ACCC has also published a simpler quick guide for business and others less familiar with engaging with the ACCC on mergers.
Together they aim to assist businesses, advisers and other stakeholders understand and engage with Australia’s new merger regime.
“The changes to the merger regime mean that all acquisitions that meet certain thresholds need to be notified to the ACCC for assessment from 1 January 2026. This is a major change for businesses and for the ACCC,” ACCC Chair Gina Cass-Gottlieb said.
“We are committed to ensuring stakeholders are well informed about the new process and its requirements and to provide transparency in how we will assess mergers in the new regime.”
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