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3 years ago
Australia watchdog defers ruling on Expedia acquisition of Wotif
September 4, 2014 / 1:01 AM / 3 years ago

Australia watchdog defers ruling on Expedia acquisition of Wotif

SYDNEY, Sept 4 (Reuters) - Australia's competition watchdog has deferred a ruling on travel firm Expedia Inc's proposed acquisition of Wotif.com Holdings Ltd until Oct. 2, sending the Australian company's shares down as much as 7.4 percent.

The Australian Competition and Consumer Commission is exploring whether the removal of Wotif from the Australian market will lead to an increase in commission rates charged to hotels and other accommodation providers, it said in a statement on Thursday.

The U.S. travel giant in July agreed to buy Wotif for $660 million.

In morning trade, Wotif shares were down 4.9 percent at A$3.1 each, after posting their biggest one-day drop in 5-1/2 months. The benchmark S&P/ASX 200 index was trading down 0.2 percent.

Reporting by Swati Pandey; Editing by Edwina Gibbs

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