East Cork Oil has abandoned plans to acquire Kerry oil company, Misty Lane Holdings.
Misty Lane is the parent company of trading entities, Atlantic Oils and Geaney Oil.
East Cork Oil has informed the Competition and Consumer Protection Commission that the planned acquisition has been withdrawn.
Last month, the CCPC reached a preliminary conclusion that the proposed acquisition would have "likely resulted in a substantial lessening of competition in certain geographic markets surrounding particular depots in respect of:
- the supply of kerosene (home heating oil) to small customers;
- the supply of sulphur free gas oil (agricultural or 'green' diesel) to small customers;
- the supply of road diesel to small customers."
The CCPC says it's been informed by East Cork Oil that it does not agree with its preliminary conclusion.
However, after receiving the CCPC's assessment, East Cork Oil said yesterday it's decided not to proceed with acquiring Misty Lane and that it considers the proposed acquisition to be withdrawn.
