BP’s acquisition of Reliance Petroleum
The retail petroleum sector in Australia has long been an industry of focus for the ACCC. Corrs acted for longstanding client BP in successfully obtaining unconditional ACCC clearance for its acquisition of Reliance Petroleum.
Reliance was Australia’s second-largest privately owned corporation and operated an extensive network of retail petrol stations, bulk fuel and lubricant depots and distribution infrastructure.
The acquisition was the first major retail petroleum acquisition in Australia since the ACCC’s 2009 opposition to another major retail consolidation.