Aberdeen proposes to acquire part of the Credit Suisse 'Global Investors' business. In return, Credit Suisse will acquire 240 million new ordinary shares in Aberdeen (which will constitute up to 24.9% of Aberdeen's enlarged share capital).
The acquisition will include the transfer of shares in Credit Suisse Asset Management (Australia) Ltd.
Outcome of assessment
Not opposed
Total review days *
13
Commenced public review
19th February 2009
Date completed
10th March 2009
Market definition
Market for the supply of funds and asset management services in Australia.
Competition analysis
The ACCC considered that the proposed acquisition was unlikely to result in a substantial lessening of competition in the market for the supply of funds and asset management services in Australia. In reaching this view, the key factors considered by the ACCC included that:
- there are currently a significant number of available alternative suppliers, and
- customers for such services are typically large corporate and institutional bodies, which are likely to have a significant degree of countervailing power.
Review timeline
Date
Event
19th February 2009
ACCC commenced review under the Merger Review Process Guidelines. Market inquiries commenced.
6th March 2009
Closing date for submissions from interested parties.
10th March 2009
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.
