Australian regulator plans to block BP's Woolworths acquisition

Australia's competition regulator has warned that it is likely to block BP's proposed acquisition of Woolworths’ retail fuel business.

BP said it was disappointed with the Australian Competition & Consumer Commission's decision as it believes it could sell off some of the outlets in order to avoid any competition issues.

"In light of this, we are currently consulting with our lawyers to determine our next steps,” said BP Australia president Andy Holmes.

BP said it believed the retail offer would be the first of its kind in Australia’s convenience sector, with BP selling fuel and offering Woolworths Rewards, together with a food retail offer.

"BP has had great success rolling out similar offers with its partners in the UK, Germany, South Africa and other parts of the world."