The ACCC says found that multiple historical transactions by pet retailer PETstock may have breached competition laws.
PETstock now plans to divest 41 specialty pet retail stores, 25 co-located veterinary hospitals, four brands and two online retail stores to address the ACCC’s concerns.
Woolworths spent $586 million buying a 55 per cent stake in Petspiration Group, (owner of PETstock) in December.
Woolworths’ partial acquisition of PETstock has hit a competition snag forcing it to divest a package of stores and veterinary hospitals to try to win approval from the regulator, which found historical transactions by the pet retailer may have breached competition laws.
Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
