The ACCC is closely watching global anti-trust efforts focusing on major digital platforms, including the US Department of Justice’s recent case against Google and proposed new competition laws in Europe, ACCC Chair Rod Sims said today.
In his annual address to the Law Council of Australia Business Law Section’s Competition and Consumer Workshop, held online, Mr Sims said there was much activity underway in this area.
The ACCC is investigating acquisitions by Innovation Holdings Australia Pty Ltd. that would provide it with approximately 35 per cent of the shares of iSelect Limited (ASX: ISU).
Innovation Holdings (through its related bodies corporate) owns comparison site comparethemarket.com.au. Compare the Market and iSelect both offer services to consumers that compare various insurance, energy and financial products and services.
South Pacific Laundry (SPL) has withdrawn its request for merger clearance of its proposed acquisition of Spotless Laundries after it decided not to proceed with the transaction.
Spotless Laundries is part of Spotless Group Holdings Limited which is wholly-owned by Downer EDI Limited (ASX:DOW).
Spotless Laundries and SPL both offer commercial laundry services in multiple cities and regions across Australia.
Alsco Pty Ltd has withdrawn its request for informal merger clearance by the ACCC of its proposed acquisition of Spotless Laundries’ garment laundering business (Spotless Garments). Spotless Garments is part of Spotless Group Holdings Limited which is wholly-owned by Downer EDI Limited (ASX:DOW).
Alsco and Spotless Garments are major suppliers of hiring, cleaning and delivery services for garments across Australia.
Australia must do all it can to align the interests of business and society through sound laws that address some of the more damaging consequences of market power, ACCC Chair Rod Sims said today.
Speaking at the National Press Club in Canberra on ‘Tackling Market Power in the Covid-19 Era’, Mr Sims said it was crucial for Australia to tackle the issue of market power as it sought to recover economically from the pandemic and deal with the implications of an ever-growing digital economy.
The ACCC will not oppose Danfoss A/S’s (Danfoss) proposed acquisition of Eaton Corporation plc’s hydraulics business (Eaton Hydraulics).
Danfoss and Eaton Hydraulics are global suppliers of hydraulics systems and components, including hydraulic motors, valves, pumps, steering units and other products for use in on-road and off-road vehicles.
In Australia, their products are supplied through distributors, and directly to original equipment manufacturers.
The ACCC has preliminary competition concerns about the proposed acquisition by Alsco Pty Ltd of Spotless Laundries’ garment laundering business (Spotless Garments), which is part of Spotless Group Holdings Limited. Spotless Group Holdings Limited is wholly-owned by Downer EDI Limited (ASX:DOW).
Alsco and Spotless Garments both offer commercial laundry services for garments in multiple states and territories across Australia.
The ACCC will not oppose Dormakaba Australia Pty Ltd’s (Dormakaba) proposed acquisition of E Plus Building Products Pty Ltd (E Plus).
Both Dormakaba and E Plus supply key inputs in the fire doors industry. However the companies do not compete at the same level of the supply chain and there is no overlap between the products that they supply.
Dormakaba supplies a range of door hardware and components such as door closers, hinges, handles and locks. E Plus supplies fire cores which form the centre of all fire doors.
The ACCC will not oppose the proposed acquisition of Refinitiv Parent Limited (Refinitiv) by the London Stock Exchange Group plc (LSEG).
LSEG and Refinitiv are global companies supplying financial markets infrastructure products and services to financial industry professionals.
In Australia, LSEG primarily supplies clearing services for over-the-counter interest rate derivatives, venue data generated by trading activity on its European trading venues and platforms, and licensing of fixed income and cash equities indices (such as FTSE 100).
The ACCC will not oppose Mylan NV’s proposed merger with Pfizer’s Upjohn Inc division, after Mylan and Upjohn offered a court-enforceable undertaking to divest three off-patent branded pharmaceuticals in response to the ACCC’s competition concerns.
Mylan and Upjohn are global pharmaceutical businesses competing across a range of therapeutic products including cardiovascular and glaucoma treatments. After the transaction, the combined Mylan and Upjohn businesses will be renamed ‘Viatris’.