Federation Centres and Novion Property Group - proposed merger

Acquirer(s)

  • Federation Centres

Target(s)

  • Novion Property Group

Summary

Federation Limited and Federation Centres Limited as Responsible Entity of Federation Centres Trust No. 1 and Novion Limited and Novion RE Limited proposed to merge via schemes of arrangement.

Both entities owned and managed a large number of shopping centres throughout Australia.

Market definition

Please refer to the Public Competition Assessment.

Competition analysis

Please refer to the Public Competition Assessment.

Timeline

DateEvent
04/02/2015ACCC commenced review under the Merger Process Guidelines.
25/02/2015Closing date for submissions from interested parties.
01/04/2015Former proposed decision date of 2 April delayed to allow the parties to provide more information. ACCC will announce a new decision date in due course (as outlined in the Merger Review Process Guidelines, this may be a final decision or release of a Statement of Issues).
15/04/2015Novion and Federation announce that they are engaging with the ACCC in relation to the potential divestment of either Karingal Hub (a 50% Federation owned asset) or Bayside (a Novion owned asset), both of which are located in south east Melbourne.
21/05/2015ACCC announced it would not oppose the proposed merger, subject to section 87B undertakings accepted by the ACCC.