ACCC gives a green card to the bid proposed by TCL led consortium for the acquisition of majority interest in the WestConnex motorway, following the acceptance of detailed undertaking published by Transurban group.
Transurban Group is a lead member of Sydney Transport Partners consortium that has applied for acquisition of WestConnex, a partially completed motorway development in Sydney. Following to this bid rival bidder ACCC had asked TCL to publish detailed toll traffic data for all roads in New South Wales as it was believed to have advantage over future toll road concessions in NSW.
Stating competition concerns on Transurban already holding majority interest in 7 out of 9 toll roads in Sydney, ACCC Chair Rod Sim said the key issue was whether WestConnex acquisition would further entrench their position.
But in the investigation focused on future competition, ACCC found that the majority of Transurban’s traffic data is publicly available and not exclusive. “They are satisfied that with this undertaking others will be able to compete for new toll road concessions in New South Wales if Transurban succeeds in its bid for WestConnex” said Sim.
With this update TCL edged up 1.933% to $12.130 on 30 August 2018.
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