Two of Australia's major port operators, Patrick Stevedores and P&O Australia, haave agreed to settle a dispute with the competition watchdog, according to the Australian Financial Review.
The two companies have admitted that they set up a ports facilities servicing company, Australian Amalgamated Terminals, with the specific intention of blocking rivals from entering the sector, saying that the move had the likely effect of affecting competition substantially.
The owners of both companies, Asciano, Toll Holdings and DP World Holdings, will now pay fines totalling US$1.56 million.
The admission ends what has been a long and bitter court battle between Patrick's managing director, Chris Corrigan, and the head of the Australian Competition and Consumer Commission, Graeme Samuel.
Corrigan claimed that Samuel launched the proceedings against his company after Corrigan queried why Patrick was blocked by the ACCC from buying FCL Interstate Transport Services, while allowing Toll to purchase Patrick.
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