Ann: 2019 Annual General Meeting Live Webcast, page-4

It's hard to offer anything too helpful here. GUD has a history of solid judgements when it comes to buying. They also have a reasonably clean Balance sheet so were financially positioned to involve themselves in the opportunity should they have wanted to. I'm comfortable assuming that acquiring these businesses wasn't considered prudent or a good fit for them. I'm not too sure how involved they have been in truck parts. Acquiring these businesses is the easy bit. Making a reasonable profit from it involves holding the appropriate stock levels and knowing how to move them steadily. My guess is, if they didn't buy, they weren't comfortable about the profit contribution they'd achieve through the acquisition and it wouldn't be prudent to buy a business just to stop a competitor from acquiring that business. To answer the question posed, I don't make much of BAP's purchase one way or the other.