Category: 3. Business

Household wealth, contribution to growth, quarterly

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Firm News  |  December 17, 2025

Gibson Dunn advised Celanese Corporation on its concurrent $1.4 billion senior notes offering and $1.2 billion tender offers.

Our corporate team included partners Andrew Fabens and Doug Rayburn and associates Alexandria Johnson, Alexis Levine, Chad Kang, and Tara Adhikari. Partner Darius Mehraban, of counsel Jason Durschlag, and associate Jaclyn Wang advised on credit matters. Partner Michael Cannon and associate Yara Mansour advised on tax aspects.

The ACCC has decided to oppose Yamaha Motor Australia Pty Ltd’s proposed acquisition of Telwater Pty Ltd. This decision follows an in-depth investigation that found the proposed acquisition is likely to result in a substantial lessening of competition in the wholesale supply of outboard motors in Australia.

The ACCC is concerned that the lessening of competition resulting from the proposed acquisition is likely to leave consumers with lower quality and higher prices, as well as fewer choices of outboard motor brands. 

Telwater is the market leader, with a market share of approximately 60 per cent to 70 per cent in the manufacture and supply of aluminium trailer boats in Australia through its Quintrex, Stacer and Yellowfin brands. Yamaha is the leading supplier of outboard motors.

“This acquisition is likely to significantly disadvantage rival outboard motor suppliers in competing effectively with Yamaha,” ACCC Commissioner Dr Philip Williams said.

“Our investigation found that a combined Yamaha/Telwater would likely have both the ability and incentive to leverage Telwater’s significant market position in aluminium trailer boats into the outboard motors market. This may arise by the combined Yamaha/Telwater requiring or incentivising dealers that stock Telwater aluminium trailer boats to also sell Yamaha outboard motors by adopting a bundling or tying strategy.”

“We are concerned that bundling or tying the supply of Telwater boats to Yamaha outboard motors would lead many dealers who currently sell Telwater aluminium trailer boats and non-Yamaha outboard motors to switch some or all of their outboard motor purchases to Yamaha,” Dr Williams said.

“As a result, competing outboard motor suppliers would likely face a material loss of wholesale sales and higher costs of distributing their products to end customers. Competing outboard motor suppliers that lose access to the Telwater dealer network would then likely face significant difficulty and increased costs in re-establishing or expanding their presence in Australia.”

“This would have the likely effect of substantially lessening competition,” Dr Williams said.  

The ACCC’s assessment principally focussed on the impact of the proposed acquisition on a national market for the wholesale supply of outboard motors in Australia. Competition concerns may also arise in specific local markets.

Further information can be found on the ACCC’s public register: Yamaha Motor Australia Pty Ltd – Telwater Pty Ltd | ACCC.

Notes to editors

‘Outboard motors’ are standalone systems that are installed to the outside hull of the boat, as opposed to inboard motors which are installed inside the boat’s hull and used for larger boats.

Trailer boats are small marine vessels that can be fitted to a trailer for easy transportation and generally range between two to nine metres in length. Trailer boats can be made from various materials, with the most common being aluminium or fibreglass.

Aluminium boats are primarily used for recreational boating in Australia. Aluminium boats are generally lighter, more durable and generally less expensive than fibreglass boats.

Aluminium boats and outboard motors are complementary products, often purchased by consumers together. The complementary nature of these products is highly relevant to the ACCC’s competition assessment, which tests whether the merged firm would have the ability and incentive to link the two products and the competitive effects of a linking strategy. Bundling and tying are two key ways products can be linked.

Bundling involves selling two (or more) products at a single price. This could involve the merged entity offering significant targeted discounts on Telwater boat/Yamaha motor packages to dealers, potentially combined with higher ‘standalone’ prices for Telwater boats. This practice would incentivise dealers to limit their sales of rival outboard motors.

Tying involves making the purchase of one product (the tying product) conditional on the purchase of another product (the tied product). This could involve the merged entity requiring dealers that purchase Telwater aluminium trailer boats to also become a Yamaha outboard motor dealer and contractually restricting the dealer from selling competing outboard motor brands.

More information on how the ACCC considers conglomerate effects can be found in section four of the ACCC’s Merger Assessment Guidelines.

Background

Yamaha is proposing to acquire 100 per cent of the shares of Telwater from Bombardier Recreation Products Inc (BRP), alongside a property in Coomera, Queensland used to manufacture, fit and warehouse aluminium trailer boats.

The ACCC previously outlined its preliminary concerns with the proposed acquisition in its Statement of Issues in October 2025.

Trailer boats are generally used for leisure activities, such as fishing and cruising. Recreational trailer boats typically use an outboard motor.

Yamaha Motor Company Ltd (YMC) manufactures outboard motors in Asia, primarily in Japan, which are then imported into Australia by its wholly owned subsidiary, Yamaha Motor Australia Pty Ltd (Yamaha). Yamaha supplies the outboard motors to dealers (retailers) Australia wide. Dealers then supply the outboard motors to end-customers.

Yamaha does not manufacture boats in Australia. YMC subsidiaries manufacture trailer boats overseas for various international markets. Yamaha and a related business have supplied a small number of these trailer boats to dealers in Australia, primarily via a third party Australian distributor. Yamaha also owns the trademarks for a small number of aluminium trailer boat and trailer brands, which were previously licensed to a third party manufacturer and are not currently in use. Yamaha does not supply trailers for boats in Australia.

Telwater manufactures aluminium trailer boats and trailers in Australia and supplies them to dealers, who then sell to end customers. Telwater currently supplies three lines of trailer boats: Quintrex, Stacer and Yellowfin branded boats.

Telwater supplies custom-fitted trailers that are sold together with its boats (branded under Telwater), or loose trailers (under the brand name ‘Move’) that can be used for any trailer boat. Telwater also supplies a limited number of outboard motors to dealers as part of a package with a Telwater boat and also potentially a trailer. Telwater is a non-exclusive distributor of Mercury outboard motors, with Mercury also supplying its outboard motors to dealers itself and via other wholesalers. Telwater also supplies a very small number of Rotax outboard motors (which are manufactured and distributed by BRP), as part of a package with some of its boats.

HONOLULU – The Hawaiʻi Department of Transportation (HDOT) proudly announces  four new battery electric buses started service as shuttles for the Daniel K. Inouye International Airport (HNL) Consolidated Rental Car Facility (CONRAC) on Monday, Dec. 15. The buses are the first of a planned 20-bus fleet to replace the current diesel shuttles between the HNL terminals and the CONRAC.

“Making the switch to lower emissions fleets is one way we’re working to reduce greenhouse gas emissions statewide,” said Governor Josh Green. “As a state surrounded by water and susceptible to the impacts of climate change, we need to do whatever we can to reduce our carbon footprint and make our transportation operations sustainable for future generations.”

In 2018, HDOT conducted a three-month pilot to determine the most efficient alternative energy powered vehicles for CONRAC shuttle service. Diesel, gas, electric and compressed natural gas vehicles operated along the route between the terminals and the temporary CONRAC. As a result of the study, the savings in fuel or energy cost estimated for one year of operation of an electric bus compared to a diesel bus is roughly $47,000.

“Roughly 22 million passengers come through HNL every year,” said Hawaiʻi Department of Transportation Director Ed Sniffen. “We’re starting with four buses to make the trip to our rental car facility as clean and comfortable as possible. By 2030 all CONRAC shuttle trips will be on battery electric buses.”

The cost for the first four electric buses is $4.3 million. The funding source is from Customer Facility Charges, which are collected from each rental car transaction to fund the construction, maintenance and operation of rental car facilities at state airports.

Pictures of the unveiling can be found at:

Group photo left to right – Roy Pfund, president and CEO, Roberts Hawaii, Inc.; Ford Fuchigami, airports administrator, Hawaii Department of Transportation; Ed Sniffen, director, Hawaii Department of Transportation; Daniel Gatewood, replacement rental sales manager, Enterprise Mobility; Kent Horiuchi, operations manager, CONRAC; Joseph Skelton, executive director, AvairPro Services; Kahu Kordell Kekoa.

https://hidot.hawaii.gov/airports/files/2025/12/ev-bus-conrac-1-scaled.jpg

Kahu Kordell Kekoa exits an electric bus following blessing.

https://hidot.hawaii.gov/airports/files/2025/12/ev-bus-conrac-2-scaled.jpg

Standalone photo of one of the electric buses.

https://hidot.hawaii.gov/airports/files/2025/12/ev-bus-conrac-3-scaled.jpg

# # #

Published on December 17, 2025

By Office of Communication

Want to stay in the know about the Texas Department of Transportation’s Southeast Connector Project and how construction activity may affect your commute? The City of Arlington regularly shares the latest information about the $2.1 billion project, which will rebuild and widen approximately 16 miles of I-20 from Forest Hill Drive to Little Road, I-820 from I-20 to Brentwood Stair Road, and US 287 from Bishop Street to Sublett Road. This project is expected to be complete by 2027.

When complete, the Southeast Connector Project will tie in the east and southeast part of Tarrant County to the central part of the county while relieving congestion, increasing safety and improving efficiency for the entire Metroplex.

Closures listed on the Southeast Connector website are subject to changes due to weather and schedule. Please note: Speed limits are reduced to 55 mph within the entire corridor.

Planned Construction Activity

Northbound US 287 at Sublett Road

Northbound US 287 will be fully closed at Sublett Road from 10 p.m. Friday, Dec. 19 to 6 a.m. Saturday, Dec. 20 for construction activities, weather permitting. Traffic will detour to the frontage road and be directed through a signed route. Alternate routes are advised. 

Stay Up to Date

For more information, project photos and a full list of detours and closures:

Southeast Connector Project website

Waze

The City of Arlington has partnered with Waze to give drivers the best experience possible to get around town. Drivers can download Waze for free at www.waze.com/get for iOS and Android and see real-time traffic, find optimal routes, avoid road closures and more.

Businesses and workers affected by changes at Tata Steel’s Port Talbot site will be able to access an extra £22 million in support from the UK Government.

Since July 2024, the Tata Steel / Port Talbot Transition Board, chaired by Welsh Secretary Jo Stevens, has allocated £80 million in UK Government funding to support where it has most been needed – so far funding thousands of training courses for individuals, and so far supporting nearly 200 businesses to start and grow companies, invest in new equipment and move into new markets.

The rapid delivery of UK Government funding into the Port Talbot area has helped ensure there has been no increase in unemployment benefits take-up in the region during Tata Steel’s transition to greener steelmaking. 

In response to the high demand for the funds provided by the Transition Board and the support it continues to provide to businesses across South Wales, a further £22 million has now been allocated by UK Government.

This additional funding, announced on Thursday (18 December) will allow more applications from businesses for the Supply Chain,  Business Start-Up, Resilience and Growth Funds into 2026.  

Secretary of State for Wales Jo Stevens said:  

This government has acted decisively to support workers and businesses in Port Talbot, allocating the entire £80 million in initial funding quickly into the community to ensure that whoever needed support could access it.

Grants have been delivered swiftly to meet the needs of local people, businesses and communities and there is evidence that our approach is working. But we want to make sure that as many people as possible have continued access to support with the extra £22 million for local businesses into the new year.

We said we would back workers and businesses affected by the transition at Port Talbot and are delivering on that promise.

It remains a difficult time for Tata Steel workers, their families and the community, but we will continue to support them.” 

Welsh Secretary Jo Stevens announced the increased UK Government funding on Thursday at Port Talbot-based engineering company JES Group which has accessed Transition Board support.

She visited the JES Academy which is proving training for dozens of Port Talbot steelworkers, many of whom have also accessed Transition Board funding.

Justin Johnson, Director of JES Group and The Skills Academy, said:

I want to express our gratitude to the UK Government for establishing the original Transition Fund and for now having the foresight to increase the level of support at such a critical moment. This uplift will make a significant difference to supply‑chain companies like ours.

As Tata Steel transitions to electric arc furnace steelmaking, businesses like JES must transition alongside it, while also diversifying into new sectors to reduce our reliance on what was once our core work.

We continue to believe that the history of steelmaking in Port Talbot is far from over and that a brighter, greener future lies ahead — but while that future takes shape, diversification is essential.

The journey has not been easy, and it is far from over, but this additional support creates real opportunities for stability and growth.

I also want to recognise Business Wales and, in particular, Neath Port Talbot Council’s Economic Development team for their guidance and practical assistance.

The UK Government’s £80m Tata Steel / Port Talbot Transition Board fund was set up to protect jobs and the local economy during Tata Steel’s ongoing transition to greener steelmaking in the town.

Businesses or individuals interested in applying for any of the funds can find information on the Tata Steel Transition Information Hub. The Hub also contains details of other support for workers and businesses affected by the transition.

The UK Government has committed £2.5 billion of investment to rebuild the UK’s steel industry for decades to come as it decarbonises. Its Steel Strategy for the UK industry will be published in early 2026.

This is in addition to the £500 million allocated to Tata Steel in Port Talbot for an electric arc furnace, which is now under construction.

ENDS