(Adds more details from paragraph 2-4)
Dec 14 (Reuters) - Australia's competition watchdog said on Thursday it will not oppose Woolworths' (WOW) acquisition of a 55% stake in specialty pet retailer Petstock, a unit of Petspiration.
The Australian Competition and Consumer Commission (ACCC) in November, after a review of Woolworths' stake purchase proposal for Petstock, flagged that the pet retailer's acquisitions between 2017 and 2022 raise significant competition concerns/
The regulator had said the acquisitions, including Best Friends Pets, Pet City, Animal Tuckerbox and Pet and Aquarium Warehouse in Eltham, Victoria, could have breached the competition act.
The ACCC said on Thursday it had ordered Petstock to divest a package of sites and assets, including 41 retail stores.
"We consider Woolworths' proposed acquisition of a 55 per cent interest in Petstock is unlikely to substantially lessen competition," ACCC Chair Gina Cass-Gottlieb said.
Both Woolworths and Petstock did not immediately respond to Reuters' requests for comments.
News: WOW UPDATE 1-Australian competition watchdog not opposed to Woolworths' stake buy in Petstock
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