IOOF Holdings Limited - MLC Wealth Management (Owned by NAB)

Acquirer(s)

  • IOOF Holdings Limited

Target(s)

  • MLC Wealth Management (Owned by NAB)

Summary

IOOF proposes to acquire MLC Wealth Management, the wealth management businesses owned by the National Australia Bank (NAB).  

IOOF and MLC Wealth Management both supply (through licensed financial advisers, corporate/employer sponsors, and directly) superannuation and non-superannuation investment products and financial advice to consumers in Australia. 

Market inquiries

Submissions are invited from interested parties regarding IOOF's proposed acquisition of MLC Wealth Management. 

The closing date for submissions is 9 November 2020. Submissions should be forwarded electronically (preferably in PDF format) to mergers@accc.gov.au with the title "Submission re: IOOF/MLC - attention Tim Byrne".

Following the closing date, queries regarding the ACCC's review may be addressed to Tim Byrne at mergers@accc.gov.au. For more details, please refer to the attached market inquiries letter.

Market inquiries

Document title Date

Timeline

DateEvent
26/10/2020ACCC commenced informal review under the Informal Merger Review Process Guidelines.
09/11/2020Closing date for submissions.
04/02/2021Proposed date for announcement of ACCC’s findings (as outlined in the Informal Merger Review Process Guidelines, this may be a final decision or release of a Statement of Issues).