Merger Phase 2 Assessments
Since 1 January 2026 an administrative system, with ACCC as primary decision-maker, has operated in relation to mergers.
As part of the transition to the new system, since mid-2025 parties have been able to opt-in to the new merger review process.
The following list includes mergers assessed by the ACCC as requiring phase 2 consideration
Trescal - TR Calibration
Notified 27 April 2026
Status
Phase 2 - detailed assessment
Case number
MN-10072
End of determination period
10 November 2026
ACCC Description of Acquisition
‘Saipem S.p.A (Saipem) proposes to merge with Subsea7 S.A (Subsea7) (the Acquisition).
Saipem is a global engineering and construction company that provides services for the energy sector, across both offshore and onshore projects. These services include the design, engineering, procurement, fabrication and installation of subsea infrastructure - umbilicals, risers and flowlines – that connects subsea wells and production systems to certain surface facilities (known as SURF). SURF projects can be completed using one of a number of different pipelaying methods.
Saipem also provides offshore wind infrastructure (limited to foundations and substations); inspection, repair, maintenance and decommissioning (IRMD) of subsea infrastructure and assets; and the maintenance, modification and operation of energy assets. Saipem also specialises in above-the-surface and onshore activities.
Subsea7 is a global engineering and construction company that provides services for the offshore energy sector. Subsea7 focuses on SURF, offering a variety of SURF pipelaying methods as well as offshore wind infrastructure and IRMD.’
Trescal - TR Calibration
Notified 14 April 2026
Status
Phase 2 - detailed assessment
Case number
MN-90009
End of determination period
6 November 2026
ACCC Description of Acquisition
‘Trescal Holding Pty Ltd (Trescal), through a wholly-owned subsidiary, proposes to acquire TR Pty Ltd’s (TR) calibration and equipment sales business, TechRentals Calibration & Sales (TR Calibration) (the Acquisition).
Trescal supplies calibration services, equipment procurement and distribution, instrument verification, equipment maintenance, system validation, electrical safety equipment testing services and asset management services, to customers in various sectors. Trescal operates across Australia and has laboratories in Adelaide, Brisbane, Melbourne, Perth and Sydney. Trescal is a subsidiary of French company Trescal International SAS, a global provider of calibration and asset management services.
TR is primarily a nationwide provider of technology equipment (including testing, inspection, calibration and telecommunications equipment) for rent. Through the Acquisition, Trescal would acquire TR’s nationwide calibration services and equipment sales business, TR Calibration, which supplies calibration services and measurement equipment to customers across Australia including from laboratories in Sydney and Brisbane. TR is a subsidiary of Vp plc, a company listed on the London Stock Exchange.
Trescal and TR Calibration overlap in the supply of calibration services and calibration equipment in Australia. Calibration services involve comparing the performance of testing and measurement equipment against a measurement standard to ensure accurate performance and compliance with relevant standards, and related equipment repairs (for example, if equipment fails a calibration test).’
Peter Warren - Wakeling Automative
Notified 5 March 2026
Assessment ceased 15 June 2026
Status
Phase 2 - detailed assessment (assessment ceased)
Case number
MN-30002
Consideration of notification ceased
15 June 2026 following request from notifying party
ACCC Description of Acquisition
‘Peter Warren Automotive Holdings Ltd (Peter Warren) proposes to acquire:
100% of the shares of Paul Wakeling Motor Group Pty Ltd;
100% of the shares of Wollongong City Motors Pty Ltd; and
the business and trading net assets of Hurrikayne Pty Ltd, relating to the Moss Vale Motor Group
from Wakeling Automotive Group (Wakeling Automotive) (the Acquisition), as part of which Peter Warren will acquire 30 new and used car dealerships in New South Wales.
Peter Warren is an ASX-listed new and used car retailing business that operates over 80 automotive dealership sites at 25 locations across the east coast of Australia. Peter Warren represents 30 Original Equipment Manufacturer (OEM) vehicle brands as an authorised dealer, and also supplies OEM spare parts and aftermarket vehicle servicing.
Wakeling Automotive is a new and used car retailing business that operates 30 automotive dealership sites at 8 locations across Sydney, Wollongong and the Southern Highlands. Wakeling Automotive represents 16 OEM vehicle brands as an authorised dealer, and also supplies OEM spare parts and aftermarket vehicle servicing.
Both of Peter Warren and Wakeling Automotive supply new and used cars, OEM spare parts and aftermarket vehicle servicing in the Campbelltown/Narellan/Smeaton Grange suburbs of southern Sydney. ‘
Insurance Australia Group - RAC Insurance
Notified 3 March 2026
Status
Phase 2 - detailed assessment (under assessment)
Case number
MN-65005
End of determination period
26 August 2026
ACCC Description of Acquisition
Insurance Australia Group (IAG) proposes to acquire 100% of the issued share capital in RAC Insurance (RACI) from RACI Pty Ltd, a wholly owned subsidiary of the Royal Automobile Club of Western Australia Inc (RAC) (the Acquisition). The Acquisition does not include RAC's roadside assistance business which will continue to be operated independently by RAC.
IAG is a general insurance company operating in Australia and New Zealand. IAG provides a range of personal and commercial insurance products under various brands, including NRMA Insurance, Swann Insurance, ROLLiN’, Cylo, Lumley Special Vehicles and RACQ.
RAC is a Western Australia based member-owned organisation (and, effective from 26 June 2026, a company limited by guarantee) that provides roadside products, general insurance products, and other ancillary services to its members. RAC issues general insurance products to customers through its wholly owned subsidiary RACI under the RAC brand. IAG and RACI are both active in the manufacture and supply of personal lines general insurance, including home insurance and motor insurance products in Australia.
MicroStar Logistics - Konvoy
Notified 20 February 2026
Status
Phase 2 - detailed assessment (under assessment)
Case number
MN-30003
End of determination period
17 August 2026
ACCC Description of Acquisition
This notification concerns the proposed acquisition of certain Australian assets of Konvoy Holdings Pty Limited (Receivers and Managers Appointed) (Subject to Deed of Company Arrangement) (Konvoy) by Kegstar Pty Limited (Kegstar), a wholly owned subsidiary of MicroStar Logistics, LLC (Acquisition).
The Australian assets which are proposed to be acquired pursuant to the Acquisition include:
(a) kegs;
(b) keg tracking technology hardware and software (known as 'Katch');
(c) select employees; and
(d) a keg repair and maintenance facility.
MicroStar Logistics, LLC, is a limited liability company incorporated in the United States and is indirectly wholly owned by MStar Holding Corporation. MicroStar entered the Australian market in 2021 via the acquisition of Kegstar from Brambles.
In Australia, Kegstar primarily offers a pay-per-fill keg management service (PPF). It also offers longer-term keg leasing.
Konvoy operates a keg services business in Australia and New Zealand. It offers short-term keg leasing (on a PPF basis), longer-term keg leasing, and keg maintenance and repair services.
Summary of horizontal and vertical overlaps
The Parties are both suppliers of PPF services and, to a much lesser extent, longer term keg leasing to brewery customers in Australia.
There is no vertical overlap between the parties.
Coles – supermarket and liquor site in Kalgoorlie, WA
Notified 27 November 2025
Not approved on 30 June 2026
Status
Assessment completed
Not approved (media release)
Case number
MN-01068
End of determination period
2 July 2026
ACCC Description of Acquisition
Coles Group Limited (Coles), via its subsidiary Coles Supermarkets Australia Pty Ltd, has signed a Letter of Offer to facilitate Coles acquiring a leasehold interest in a new neighbourhood centre at Lots 95-106 Great Western Highway, Somerville, Kalgoorlie (the Property).
Coles will operate a large format supermarket on the Property, with a saleable floor area of approximately 2,800 square metres, and a Liquorland store. The Property is currently vacant.
The lessor, M Holding 4 Pty Ltd, is an Australia private company specialising in residential and commercial property sales, management and development in Western Australia.
Coles is an Australian public company (ASX:COL) that primarily operates:
supermarkets nationwide through its subsidiary, Coles Supermarkets Australia Pty Ltd; and
retail liquor stores nationwide, trading under the Liquorland, First Choice Liquor Market (soon to be re-branded as Liquorland Warehouse) and Vintage Cellars (soon to be rebranded Liquorland Cellars) brands.
Coles also has a property development arm, Coles Group Property Developments Ltd, that buys land and construct shopping centres, standalone supermarkets and / or liquor outlets and then sells these completed sites to third party buyers.
Reasons for decision
From para 8 summary of reasons:
“The ACCC came to the view that one competitor is likely to exit the market after the Acquisition and that this would substantially lessen competition because the supermarket likely to exit has a differentiated offering valued by consumers and its exit would remove a material competitive constraint on Kalgoorlie’s large-format supermarkets.”
Ampol – EG Australia
Notified 10 October 2025
Approved subject to conditions 3 June 2026
Status
Assessment completed
Merger approved with conditions
Case number
MN-01019
End of determination period
5 June 2026
ACCC Description of Acquisition
Pursuant to the terms of a Share Purchase Agreement, the retail sites operated by EG Australia will become Ampol owned and operated retail sites, subject to proposed divestitures.
Ampol Retail Holding Pty Ltd is a wholly-owned subsidiary of Ampol Limited (Ampol), which is listed on the ASX (ASX: ALD). Ampol is a transport energy provider which purchases, refines, imports and distributes petroleum products in Australia and is rolling out electric vehicle (EV) public charging networks. Ampol also has operations and interests across Singapore, New Zealand, Philippines and the US. In Australia, Ampol also has a network of fuel and retail convenience sites.
EG Australia is a convenience retailer of fuel, food to go and convenience products which commenced operations in Australia in April 2019 when it acquired the Woolworths retail fuel and convenience sites. Globally, the EG Group operates fuel, convenience and food-to-go retail offers in Europe and the US.
Ampol and EG Australia overlap in the supply of fuel and convenience products in all Australian states and territories at a retail level:
Ampol owns and operates 584 retail fuel sites under the “Ampol” brand and 39 unstaffed sites under the “U-GO” brand. U-GO sites sell fuel only with no convenience offering. Ampol sets the retail fuel prices for these sites.
EG Australia owns and operates approximately 512 “EG” branded sites.
Ampol supplies fuel to EG Australia under a wholesale fuel supply agreement, meaning EG Australia’s sites supply “Ampol” fuel.
Copyright: Source of extracts from ACCC Acquisition Register: ACCC © Commonwealth of Australia
Reproduced in accordance with Creative Commons Attribution 4.0 International licence (or CC BY 4.0 licence) (ACCC website)
Last updated: 6 July 2026