Australian regulator (ACCC) seeks to prevent Aurizon freight sale: Aurizon Holdings Ltd.’s (ASX: AZJ) stock fell 1.8% on July 19, 2018 after the company indicated that the Australian Competition and Consumer Commission (ACCC) sought a court (Federal Court) injunction against rail operator Pacific National’s proposed acquisition of Aurizon Holdings Ltd.’s Acacia Ridge Terminal and Queensland intermodal business. The regulator alleged the deal, as well as the appointment of Pacific National to operate the Acacia Ridge Terminal, would have the effect of “creating a monopoly on that route”. In mid-March, AZJ had said the company was committed to completing the freight business’s sale despite the ACCC’s concerns, and would close the business if the deal did not go through, costing up to 350 jobs. The deal was worth A$225 million ($166.6 million), but it was not completed within six months of the original announcement in August 2017. The ACCC’s decisions has negatively affected the company’s commercial interests while it would defend the proceedings started by the regulator. Meanwhile, AZJ stock has fallen 1.35% in one month as on July 18, 2018.
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