SYDNEY, June 10, 2026, 05:01 AEST
Ampol Ltd. ended Tuesday at A$36.55, up 1.47%. The stock hit A$36.82 intraday, the highest in a year. The move came as the S&P/ASX 200 dipped 0.24% to 8,604.20.
ASX cash-market trading was yet to start when this was published. Sydney’s session is set for 09:59:45 to 16:00. Monday trading was closed for the King’s Birthday holiday, making Tuesday the first cash-market session of the week.
Ampol’s jump stands out. The market is still working through last week’s news that regulators cleared its EG Australia buy. The deal would add to Ampol’s fuel and convenience footprint at a time when investors are watching shaky market tone, oil price swings and retail fuel margins.
Australian stocks slipped after the session Tuesday, as declines in gold, metals and mining, and materials weighed on the index. More shares fell than rose on the Sydney exchange. Oil futures, including crude and Brent, were also down, a mixed signal for a fuel retailer with ties to refining and retail.
Ampol said June 3 it got ACCC sign-off for the EG Australia deal, but will have to sell 41 retail fuel sites. The company also plans to pay the entire purchase price in cash after deciding to cash settle the scrip component. Ampol is aiming to close the transaction by June 30.
Managing Director and CEO Matt Halliday said the deal is “a major step” for Ampol’s strategy, adding EG Australia should help boost “more predictable retail fuel and convenience earnings.” Ampol is sticking with its synergy target from the combination, saying it’s still looking at A$65 million to A$80 million in cost savings and benefits.
Deal scrutiny spells out regulator’s concerns The ACCC flagged heavy competition risks in its statement on the deal, warning it could have sharply cut competition in 39 local fuel markets if left unchecked. Commissioner Dr Philip Williams pointed to high public concern about fuel prices and cost of living.
Competitive pressure is still in play. The ACCC signed off on Dib Group, which trades as Metro Petroleum, as the buyer for the divested sites. The regulator said the move should build up or add to an independent competitor in the local market. Viva Energy shares added 1.79% Tuesday. Ampol saw about 1.01 million shares trade.
A$1.1 billion sale would see EG Group exit Australia if it closes, Reuters reported last week. Ampol shares pushed up 3.1% in early trading after the deal got the nod. EG bought into the Australian market back in 2019 with its purchase of Woolworths’ fuel business.
But a lot still has to go right for the rally to last. Ampol needs to close the deal, finish the divestments, bring EG’s sites into its business, and hit its cost targets. Fuel demand, refining spreads, and politics around fuel prices can all move fast. Cheaper oil may help on costs, but it could also point to weaker demand or less risk-taking in the market.
At the moment, the share price shows investors are on board with the deal’s structure. The next steps are more routine: complete the merger, deliver on cost cuts, and show the bigger retail business can bring steadier returns than the refining side usually does.
