The Australian Competition and Consumer Commission today issued a Statement of Issues on the proposed acquisition of Promina Group Ltd by Suncorp Metway Limited.
The statement of issues seeks further information and comment on the manufacture and supply of personal insurance lines (home insurance, motor vehicle insurance and compulsory third party insurance).
"The ACCC is seeking further information on its competition concerns regarding the manufacture and supply of personal insurance lines before making a final decision", ACCC Chairman, Mr Graeme Samuel, said today.
"In particular, the Statement of Issues seeks comments on the extent to which there would be competitive constraints on the merged entity, should the acquisition proceed".
The ACCC invites further submissions from Suncorp Metway Limited, its competitors, distributors and customers as well as other interested parties that focus on the topics outlined in the Statement of Issues by 13 December 2006. The ACCC expects that, once it has considered any further submissions, it will make a final decision on the proposed acquisition on 20 December 2006.
The Statement of Issues will be available on the ACCC's website, under Mergers.