As noted yesterday, Coogee has reportedly offered some $40m or 20 times earnings before interest tax and depreciation, more than double the offer put on the table by Vopak.

The Dutch-based Vopak is the biggest terminal operator in the world. It has operations in Sydney and Darwin and wanted to expand into the Perth market.

The rumoured plans by Caltex and Shell to exit their joint venture terminal in Perth prompted an offer by Vopak to provide terminal storage facilities.

This was seen as important, given BP is the only refiner in Western Australia and the other oil companies were keen to maintain some sort of presence in the state. Shell leases capacity from Vopak in Sydney.

The ACCC maintains it is keeping a close eye on the deal and is aware of its consequences.