The merger between Wattyl and Taubmans has been put on hold following Australian Competition and Consumer Commission action in the Federal Court.
The ACCC filed proceedings earlier this week to restrain an agreement by Wattyl Limited to acquire the architectural and decorative paint business of Taubmans on the grounds that it would substantially lessen competition.
ACCC Chairman, Professor Allan Fels, said today that the ACCC had filed and served 14 affidavits on Wattyl and Taubmans in the past three days from witnesses located throughout Australia.
"Following the receipt of the affidavits, the companies offered an undertaking to the Federal Court not to proceed with the merger at this time.
"The companies will maintain the status quo pending a hearing of the ACCC's application for a final injunction restraining Wattyl from acquiring Taubmans.
"All the parties hope for an early hearing and are seeking a June 1996 date from the Federal Court."
The ACCC filed proceedings earlier this week to restrain an agreement by Wattyl Limited to acquire the architectural and decorative paint business of Taubmans on the grounds that it would substantially lessen competition.
ACCC Chairman, Professor Allan Fels, said today that the ACCC had filed and served 14 affidavits on Wattyl and Taubmans in the past three days from witnesses located throughout Australia.
"Following the receipt of the affidavits, the companies offered an undertaking to the Federal Court not to proceed with the merger at this time.
"The companies will maintain the status quo pending a hearing of the ACCC's application for a final injunction restraining Wattyl from acquiring Taubmans.
"All the parties hope for an early hearing and are seeking a June 1996 date from the Federal Court."