The Australian Competition and Consumer Commission has begun market inquiries into the proposed acquisition of Qantas Airways Ltd by the consortium that includes Macquarie Bank Ltd, ACCC Chairman, Mr Graeme Samuel, said today.
"The consortium seeking to acquire Qantas comprises Macquarie Bank Ltd, Allco Equity Partners Ltd, Allco Finance Group Ltd and foreign investment firms Texas Pacific Group Ltd and the Onex Corporation Ltd. Macquarie Bank Ltd holds a 49 per cent interest in Sydney Airport and some of the consortium members have interests that relate to the air transport industry.
"The ACCC will closely assess the likely effect of the proposed acquisition on competition including how the proposed acquisition would affect customers, suppliers and other competitors in the air transport industry. This consideration will extend to both the relevant passenger and freight markets, as well as to any other relevant markets related to the air transport industry".
The ACCC will assess the proposed acquisition in accordance with its Merger review process guidelines and section 50 of the Trade Practices Act 1974, and invites comment from other participants in the air transport industry and related industries. For information on the main issues that the ACCC will be addressing, industry participants should consult the ACCC's website, and follow the Public Registers link to the ACCC's mergers and acquisitions register.
Written submissions should at this stage be provided to the ACCC by 29 January 2007. It is noted that the indicative timeline for this matter reflects the availability of industry participants over the Christmas holiday period. Submissions can be sent by email to the ACCC at mergers@accc.gov.au. The ACCC will also be seeking talks with industry participants over the coming weeks.