ANZ Banking Group Ltd - proposed acquisition of E*Trade Australia

Acquirer(s)

  • ANZ Banking Group Ltd

Target(s)

  • E*Trade Australia

Summary

ANZ Banking Group proposes to acquire the remaining 65.8% of shares in E*Trade Australia Ltd.

Market definition

For the purposes of this competition assessment the relevant markets were considered to be:

1. the national market for stock broking; and
2. the national market for funds broking.

Competition analysis

The ACCC formed the view that the proposed acquisition is unlikely to substantially lessen competition in the relevant markets, as it represents an increase in the level of ownership by the major shareholder in an existing market participant, and does not change the competitive structure of the market. The merged firm will continue to face competition from a large number of competitors.

Timeline

DateEvent
19/02/2007ACCC commences review under the Merger Review Process Guidelines
27/02/2007Closing date for submissions from interested parties
28/02/2007ACCC announced it would not oppose the proposed acquisition