The Australian Competition and Consumer Commission will very carefully consider the proposed acquisition of the Colonial Bank by the Commonwealth Bank, ACCC Chairman, Professor Allan Fels, said today.
"Under section 50 of the Trade Practices Act 1974 the question the ACCC will consider is whether or not the acquisition would be likely to have the effect of substantially lessening competition in any substantial market.
"The ACCC has been advised by the Commonwealth Bank that it will be making a submission in favour of the acquisition.
"The ACCC is expecting to receive submissions from interested parties.
"In accordance with the normal process the ACCC will conduct inquiries of customers, competitors and other relevant persons using the framework set out in the Merger Guidelines.
"Once a proposal is received it typically takes up to eight weeks to arrive at a decision for a merger which requires as close examination as this one does".
"Under section 50 of the Trade Practices Act 1974 the question the ACCC will consider is whether or not the acquisition would be likely to have the effect of substantially lessening competition in any substantial market.
"The ACCC has been advised by the Commonwealth Bank that it will be making a submission in favour of the acquisition.
"The ACCC is expecting to receive submissions from interested parties.
"In accordance with the normal process the ACCC will conduct inquiries of customers, competitors and other relevant persons using the framework set out in the Merger Guidelines.
"Once a proposal is received it typically takes up to eight weeks to arrive at a decision for a merger which requires as close examination as this one does".