Ampol Limited (ASX: ALD) has hit a significant regulatory roadblock in its pursuit of EG Australia. The Australian Competition and Consumer Commission announced on 21 January 2026 that it would subject the acquisition to an extended Phase 2 review. This marks the first major test case under Australia’s revamped merger control regime.
Figure 1: EG Australia and Ampol co-branded fuel retail signage. [EG Australia]
The decision signals concern over potential market concentration across multiple Australian cities. The ACCC merger review in Australia will now extend by several months as authorities conduct deeper scrutiny.
ACCC Flags Competition Concerns Across 115 Fuel Sites
Ampol Limited faces questions over market dominance following preliminary ACCC findings. The regulator identified 115 EG Australia sites where the acquisition could substantially reduce Australian fuel market competition in local fuel markets. These locations span states and territories where both companies operate retail fuel and convenience stores.
Figure 2: Australian Competition and Consumer Commission (ACCC) corporate logo, the regulator overseeing Australia’s merger control regime. [Wikipedia]
ACCC Commissioner Dr Philip Williams stated the acquisition would combine two major fuel retailers in Australia. The Company’s presence alongside EG Australia creates overlap in petrol and diesel supply chains. The regulator expressed particular concern about metropolitan concentration in Brisbane, Canberra, Melbourne and Sydney.
The Ampol ACCC investigation centres on whether consumers would face reduced choice and potentially higher prices. The threshold for Phase 2 referral was met when initial analysis revealed these geographic concerns.
Ampol’s 19-Site Sale Plan Fails to Address ACCC Investigation Concerns
Ampol Limited proposed divesting 19 retail fuel sites to address anticipated Australian fuel market competition concerns. However, the Australian Competition and Consumer Commission determined that this inadequately addressed local and metropolitan-wide issues.
Figure 3: ACCC Commissioner Dr Philip Williams. [Lawyers Weekly]
Dr Philip Williams explained that the scale and location of proposed divestitures did not resolve risks across 115 flagged sites. The gap between 19 offered sites and 115 locations represents a substantial difference. The Ampol ACCC investigation will now examine whether alternative remedies could make the transaction acceptable.
ACCC Merger Review Australia System Debuts with High-Profile Decision
The Ampol acquisition represents the inaugural Phase 2 referral under Australia’s reformed merger control regime. Mandatory notification requirements took effect on 1 January 2026 for transactions meeting ministerial thresholds.
Ampol Limited submitted its notification shortly after the new system commenced. The regulator conducted its Phase 1 assessment within the statutory 15 to 30 business day timeframe. The Competition and Consumer Act allows up to 90 business days for Phase 2 assessments.
Figure 4: Ampol service station in Australia. [Ampol]
The ACCC invited stakeholder submissions by 4 February 2026. Industry participants and consumer groups will provide input on competitive effects. The breadth of consultation reflects the transaction’s potential impact on Australia’s fuel distribution landscape.
Phase 2 Timeline Sets Extended Path for Ampol ACCC Investigation
Ampol Limited now enters an intensive assessment period that could last several months. The Company must provide detailed information about market operations, pricing strategies and competitive dynamics.
The Australian Competition and Consumer Commission can request additional divestments, operational restrictions or structural remedies. Ampol may propose revised transaction terms to address identified concerns. Alternatively, the parties could withdraw the notification or the ACCC could prohibit the acquisition.
Ampol Share Price Responds to Regulatory Development
Ampol Limited shares are trading at $29.705 as investors digest the regulatory news. The stock has navigated a 52-week range between $19.530 and $33.140 per share. Market capitalisation stands at $7.12 billion.
Figure 5: Ampol Limited (ASX: ALD) one-year share price performance chart as regulatory scrutiny intensifies. [ASX]
The ACCC’s decision introduces transaction uncertainty that could weigh on share price performance. Investors must factor in extended timeline risks and the possibility of transaction failure. The Company has not provided updated guidance on how the Phase 2 review might affect transaction timing.
Final Thoughts
The Ampol ACCC investigation represents a watershed moment for Australia’s reformed merger control regime. Regulators have signalled they will thoroughly scrutinise transactions that could substantially lessen Australian fuel market competition.
Ampol Limited faces a challenging path to securing approval without significant additional remedies. The gap between its 19-site divestment offer and the ACCC’s broader concerns suggests substantial negotiation lies ahead. The outcome will shape future fuel market consolidation under the new ACCC merger review Australia framework.
FAQs
Q1. What is the Ampol ACCC investigation about?
Ans. The ACCC is reviewing Ampol’s proposed acquisition of EG Australia under Phase 2 assessment.
Q2. Why did the ACCC escalate the merger to Phase 2 review?
Ans. The regulator found the acquisition could substantially lessen Australian fuel market competition in local and metropolitan fuel markets.
Q3. How long will the ACCC merger review Australia process take?
Ans. Phase 2 assessments can last up to 90 business days under the Competition and Consumer Act.
Q4. What is Ampol’s current share price?
Ans. Ampol shares are trading at $29.705 with a market capitalisation of $7.12 billion. The stock has traded between $19.530 and $33.140 per share over the past 52 weeks.
