'The Australian Competition and Consumer Commission is disappointed by the decision of the Federal Court to grant AGL a declaration which would allow it to proceed to buy a minority interest in Loy Yang power station', ACCC chairman, Mr Graeme Samuel, said today. 'The ACCC is currently assessing the judgment'.
'Because this is the first declaration that has been sought in relation to a merger and the important issues it raises, the ACCC will need to closely examine the decision and obtain detailed legal advice in relation to the judgment.
'Although Justice French granted the declaration, he recognised that the ACCC had established that there were real issues for consideration in this matter.
'The ACCC presented to the court, advice from electricity and competition experts that the proposed acquisition would lead to an increase in electricity prices to electricity retailers in Victoria.
'It is against this background that the ACCC had sought to establish that with the proposed acquisition there was a "real chance or possibility" that this would result in a substantial lessening of competition under section 50 of the Trade Practices Act 1974'.