Barclays PLC - proposed acquisition of ABN AMRO Holding NV
Type of assessment
Informal Review
Reference
28677
Acquirer(s)
Barclays PLC
Target(s)
ABN AMRO Holding NV
Industry
Financial services
Summary
Barclays is proposing to acquire all of the issued shares in ABN AMRO. Barclays and ABN AMRO are both multinational financial services providers with operations in Australia.
Outcome of assessment
Not opposed
Total review days *
12
Commenced public review
9th July 2007
Date completed
24th July 2007
Market definition
The merger parties' Australian operations overlap in the areas of asset management, investment banking, and trading in bonds and derivatives. The ACCC considered that the markets for these products exist on at least a national scale. The ACCC did not reach a conclusive view on the specific market definition relevant to this transaction, as the outcome of the competition assessment would have remained the same regardless of the precise boundaries of the market.
Competition analysis
The merger parties compete against a large number of global financial services providers including foreign owned entities and Australian owned entities. Further, customers of the merger parties are generally large, sophisticated corporations who are able to exert significant bargaining power and can turn to alternative providers relatively easily.
Review timeline
Date
Event
9th July 2007
ACCC commenced review under the Merger Review Process Guidelines.
20th July 2007
Closing date for submissions from interested parties.
24th July 2007
ACCC decided not to oppose the proposed acquisition.
* Total Review days = Total business days less public holidays and time during which the review was suspended.
