ANZ Banking Group Ltd - proposed acquisition of E*Trade Australia
Type of assessment
Informal Review
Reference
27359
Acquirer(s)
ANZ Banking Group Ltd
Target(s)
E*Trade Australia
Industry
Broking and financial services
Summary
ANZ Banking Group proposes to acquire the remaining 65.8% of shares in E*Trade Australia Ltd.
Outcome of assessment
Not opposed
Total review days *
8
Commenced public review
19th February 2007
Date completed
28th February 2007
Market definition
For the purposes of this competition assessment the relevant markets were considered to be:
1. the national market for stock broking; and
2. the national market for funds broking.
Competition analysis
The ACCC formed the view that the proposed acquisition is unlikely to substantially lessen competition in the relevant markets, as it represents an increase in the level of ownership by the major shareholder in an existing market participant, and does not change the competitive structure of the market. The merged firm will continue to face competition from a large number of competitors.
Review timeline
Date
Event
19th February 2007
ACCC commences review under the Merger Review Process Guidelines
27th February 2007
Closing date for submissions from interested parties
28th February 2007
ACCC announced it would not oppose the proposed acquisition
* Total Review days = Total business days less public holidays and time during which the review was suspended.
