FIRB Delay Puts TPC Takeover by Wollar Holding at Risk

Regulatory Hurdle Delays Major Acquisition

TPC Consolidated Limited (ASX, TPC), a prominent Australian electricity and gas retailer, has encountered a significant delay in its proposed acquisition by Wollar Holding Ltd. The Foreign Investment Review Board (FIRB) has yet to grant the necessary approval by the November 28, 2025 sunset date, a key regulatory condition precedent for the deal to proceed.

Wollar Holding, through its subsidiary Solar International Energy Pty Ltd, had planned to acquire TPC via a scheme of arrangement, a common method for large-scale takeovers in Australia. However, the absence of FIRB approval by the deadline introduces uncertainty, as the agreement stipulates that either party may terminate the transaction if no resolution is reached within five business days following the sunset date.

Extension Sought Amid Ongoing Review

In a recent announcement, Wollar Holding informed TPC that FIRB approval remains pending but that an extension for the review process has been granted. This extension allows the parties to continue engaging with regulators in an effort to satisfy the outstanding condition. Meanwhile, TPC reassures shareholders that it will maintain independent operations and prudent management, positioning itself to navigate whatever outcome emerges.

The delay highlights the complexities foreign investors face when acquiring Australian utilities, especially those with strategic infrastructure and renewable energy assets. TPC’s portfolio includes the CovaU brand, which offers a range of electricity and gas products, including green energy plans that align with Australia’s decarbonisation goals.

Implications for Shareholders and Market

For TPC shareholders, the announcement signals a pause rather than a derailment. The company has committed to providing updates should the scheme be amended or terminated. The market will be watching closely for FIRB’s final decision, which will determine whether Wollar Holding’s acquisition proceeds or collapses.

Strategically, the acquisition aims to bolster TPC’s presence in the renewables segment, leveraging Solar International Energy’s capabilities. A successful deal could accelerate TPC’s expansion in green energy offerings, a sector gaining momentum amid increasing consumer and regulatory demand for sustainable solutions.

However, the regulatory delay underscores the risks inherent in cross-border transactions involving critical infrastructure. Investors will want to monitor how FIRB’s concerns are addressed and whether the extension translates into eventual approval or a protracted stalemate.