Ritchie Bros buying Euro Auctions

[pettsy]

Email came through this morning....


We are very excited to announce that Ritchie Bros. has entered into an agreement to acquire Euro Auctions, a leading heavy machinery auctioneer in EMEA (Europe, Middle East and Africa). This acquisition, which is expected to close in the first quarter of 2022, will see our two brands working together to make asset management and disposition easier than ever, with solutions and services for every situation.

 

[Regy53]

pretty big deal this I knew of it a few weeks ago but it was a bit hearsay and no big facts. Last week it was coming to light

big monopoly on used kit.

£773 million or 1.1 billion

 

[V8Druid]

would've thought the monopolies and mergers commission 'd have summat to say about that .... assuming it still exists ... nope, google says it's been replaced https://www.gov.uk/government/organisations/monopolies-and-mergers-commission

 

[JD450A]

Always good to be sat in your chair when the music stops

 

[powercom]

The email did say they would need to seek regulatory approval for the merger and although euro auctions have done a great job of building there business there is not a huge barrier to a new or even an existing business taking a slice of the auction market it just needs some one with a good site and some commitment to do it.

 

[powercom]

So it looks like this deal is now off due to competition worries , it would seem the competition worries are real and government want to look into it more that has made euro and Ritchies pull the plug on the deal

euro auctions press release

Thats shame in some ways but i think probably fair enough considering the market position of both companies world wide

 

[Regy53]

I have a feeling share holders from the orange team put pressures on

 

[V8Druid]

I have a feeling share holders from the orange team put pressures on

would imagine it must have attracted more than a passing interest from the Competition Commission though Ross ... would be some outfit amalgamated, with a huge influence in the sector

 

[JD450A]

My views are probably best not aired in public..... But tbh I'd say that one firm will be better off not joining the other..... No comment beyond that.

 

[DaveDCB]

I didn’t see the point in it to be honest, obviously RB are a much bigger outfit worldwide but euros have their place and should remain so. I do feel RB somewhat struggle with the uk market, generally having smaller sales with lower quality kit on a whole..

 

[pettsy]

Never been to euros, and as I’ve said elsewhere the messing around with deposits etc means I just lose interest in going. Not sure if it’s a blip but the recent RB auction I didn’t have to sort any deposit before bidding

 

[V8Druid]

Never been to euros, and as I’ve said elsewhere the messing around with deposits etc means I just lose interest in going. Not sure if it’s a blip but the recent RB auction I didn’t have to sort any deposit before bidding

ditto ... have to be REAL interested in summat 'fore I can be arsed with the faff

 

[Grahams]

ditto ... have to be REAL interested in summat 'fore I can be arsed with the faff

I think that is probably the idea. Only serious people bidding and no issues collecting the rest of the money afterwards. No chancers just sticking a bid in at the last minute as something looks cheap then having second thoughts.

 

[V8Druid]

I think that is probably the idea. Only serious people bidding and no issues collecting the rest of the money afterwards. No chancers just sticking a bid in at the last minute as something looks cheap then having second thoughts.

there are occasions where it'd work against them too Gra ... if you're prepared to go that little extra for something you particularly want, but aren't a regular visitor/buyer .... I can appreciate the avoidance of chasing idiots, post sale, but a lot of these places insist on a deposit too, aside from just registering, which you then have to wait and watch for its return

 

[Russell]

I don't think I could be arsed with that. BPI mention a deposit but I have never been asked and wouldn't pay one of they did. Would be so much time wasted when stuff goes for silly money.

 

[powercom]

I have paid a deposit previously and bought odds and ends but the last few times I have bid on line not needed to have one and as far as recall the last time went to a euro sale i didnt need to pay a deposit either prior to that it had been a deposit via personal debit card that is easy enough to do but they would not accept a business debit card for some reason

 

[V8Druid]

I have paid a deposit previously and bought odds and ends but the last few times I have bid on line not needed to have one and as far as recall the last time went to a euro sale i didnt need to pay a deposit either prior to that it had been a deposit via personal debit card that is easy enough to do but they would not accept a business debit card for some reason

transaction charges

 

[bigdigger77]

See the take over is off as the competition and markets authority uk said they were going to launch an investigation as the companies had too larger market share