The Australian Competition and Consumer Commission says it won’t be probing Emeco Holdings’ three-way tie-up with Orionstone and Andy’s Earthmovers.
The Perth-based heavy earthmoving equipment supplier said it had received a letter from the ACCC confirming it wasn’t planning to conduct a public review of Emeco’s merger with Queensland-based Orionstone and Victora-based Andy’s.
“We are very pleased with the ACCC’s decision to support the merger with Orionstone and Andy’s,” Emeco managing director Ian Testrow said.
“The decision by the ACCC is a major milestone in the process of completing the recapitalisation of Emeco and merger with Orionstone and Andy’s.
“The merger combines the management expertise and fleet of the three businesses, enhancing the company's ability to continue to deliver value to customers with innovative equipment solutions and a quality service.”
In its letter, the ACCC said while it didn’t intend to conduct a public review, it reserved the right to reconsider its decision if new information came to its attention, or if it was found that current information made available to it was incorrect.
Emeco shares were 1.5 per cent lower to 6.4 cents each at 9:50am.