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GENERAL PROPERTY

ACCC gives Landmark and Ruralco the go ahead

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THE nation’s biggest farm services player, Landmark has been given the Australia Competition and Consumer Commission’s blessing to take over the third-largest, RuralCo.

Landmark’s Canadian owner, Nutrien, had lobbed the $469 million takeover bid at $4.40 per share in February.

The second-largest presence in farming services, Elders, made its own acquisition move last month with the $187 million takeover of Australian Independent Rural Retailers.

Nutrian will be required to sell off three rural merchandise stores in Broome, Alice Springs and Hughenden to an ACCC-approved buyer.

The ACCC had looked into the impact on competition across the industry in wool broking, real estate, livestock agency, finance, insurance, and water broking.

“Ultimately, we decided that the transaction was not likely to substantially lessen competition, as rival rural merchandise retailers and wholesalers will continue to provide strong competition,” deputy chairman of the ACCC, Mick Keogh said.