August 5, 2019 / 12:16 AM / 4 months ago

Wesfarmers gets regulator nod for $160 million Catch Group buy

(Reuters) - Australia’s competition watchdog on Monday said it will not oppose conglomerate Wesfarmers Ltd’s (WES.AX) $160 million acquisition of online retailer Catch Group.

“The current growth in online marketplaces is fostering competition between providers, and feedback indicated that Wesfarmers’ proposed acquisition of Catch would be unlikely to change that level of competition,” Australian Competition and Consumer Commission Commissioner Stephen Ridgeway said.

In June, Wesfarmers said it would buy Catch Group, its third takeover bid this year, to boost the small online footprint of its retail units such as Kmart and Target amid a big shift by Australian shoppers to the web.

Reporting by Aditya Soni in Bengaluru; Editing by Sonali Paul

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