The Australian Competition and Consumer Commission (ACCC) will not oppose Woolworths Group's (ASX:WOW) proposed acquisition of Beak & Johnston Holdings, according to a Wednesday statement by the regulator.

"Our investigation found that while Woolworths has significant bargaining power in its dealings with ready meal suppliers, in this case it was unlikely the acquisition would have a substantial anti-competitive effect," ACCC Commissioner Philip Williams said.

The ACCC examined whether Woolworths' favoring B&J products could harm competition by limiting supply to rivals or disadvantaging competing ready meal producers.

The review found several large ready meal suppliers comparable to B&J, along with smaller niche producers, ensuring ongoing competition in the market, per the statement.

Woolworths Group's shares fell almost 1% in recent Wednesday trade.