Shares are set to open higher. US CPI lifts bets on December rate cut. Nufarm earnings slump. Orica releases full-year results. Follow updates here.
The competition watchdog has raised concerns about Cleanaway’s proposed takeover of City of Melbourne council owned waste business Citywide. “We are concerned that the acquisition will extend Cleanaway’s already strong position in Melbourne by expanding Cleanaway’s existing network of waste disposal facilities” ACCC Commissioner Dr Philip Williams said in a statement.
“Our preliminary view is that the proposed acquisition would remove the close competitive tension between Cleanaway’s and Citywide Waste’s waste disposal facilities, particularly in the central and west regions of metropolitan Melbourne,” Dr Williams said. “We are concerned that the expansion of Cleanaway’s waste disposal network may enable Cleanaway to charge downstream collection providers higher prices and reduce service quality,” he said.
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