Its a good point you raise. I feel that the ACCC wouldn't...

Its a good point you raise. I feel that the ACCC wouldn't necessarily look at the consolidation in the global industry, but rather the direct impact on the domestic market. So they could preference Suez/Veolia if it resulted in more competition, even if it was detrimental to Cleanaway and Bingo for instance. As opposed to preferencing Cleanaway which could lead to a single player with significantly more market share than the next biggest.

In saying that, their "preference" means little, its more of a veto power on whatever the market decides. They would be hard pressed to demonstrate even at c.30% market share in a highly fragmented and competitive sector that the acquisition by Cleanaway would be sufficiently anti competitive. If that was the case, I doubt Cleanaway would be putting this much effort in to it.

@Hopeful9 Not sure if it is like for like as Bingo and Cleanaway have quite different assets, but I personally have more belief in Cleanaways runway (at the right valuation.. )