Mergers

ACCC to not oppose Westpac’s proposed acquisition of Lloyd’s assets

The Australian Competition and Consumer Commission will not oppose the proposed acquisition of certain assets of Lloyds International Pty Ltd including Capital Finance Australia Limited (CFAL) and BOS International (Australia) Limited (BOSI) (Lloyds) by Westpac Banking Corporation (Westpac).

Westpac (through its subsidiary St. George) and Lloyds (through CFAL) compete in the supply of floor-plan financing to motor vehicle dealerships, point-of-sale retail finance to customers of motor vehicle dealerships and equipment finance to a range of businesses.

ACCC to not oppose NBN Co's proposed acquisition of TransACT's fibre to the premises network

The Australian Competition and Consumer Commission will not oppose the proposed acquisition of TransACT Capital Communications Pty Ltd’s (TransACT) fibre to the premises network (TransACT FTTP network) by NBN Co Limited (NBN Co).

TransACT’s parent company is iiNet Limited. The TransACT FTTP network currently passes approximately 8,500 premises in new residential estates in the ACT and once construction is complete, is expected to pass approximately 17,500 premises.

ACCC to not oppose Bega Cheese's proposed acquisition of Warrnambool Cheese and Butter

The Australian Competition and Consumer Commission will not oppose the proposed acquisition of Warrnambool Cheese and Butter Factory Company Holdings Limited (Warrnambool Cheese and Butter) by Bega Cheese Limited (Bega).

The ACCC has reviewed the proposed acquisition at Bega’s request following its offer to acquire all of the shares in Warrnambool Cheese and Butter on 11 September 2013.

ACCC publishes updated informal merger review process guidelines

The Australian Competition and Consumer Commission has released the ACCC’s Informal Merger Review Process Guidelines 2013. This follows a consultation process on a draft of the Guidelines with key stakeholders in July, including detailed discussions with the Law Council of Australia.

“The Informal Merger Review Process Guidelines have been updated to reflect important recent developments in the ACCC’s approach to merger reviews, as well as incorporating some additional changes aimed at improving efficiency and transparency,” ACCC Chairman Rod Sims said.

Informal Merger Review Process Guidelines 2013

The Informal Merger Review Process Guidelines 2013 supplement the Merger Guidelines 2008.

ACCC to not oppose Perpetual’s proposed acquisition of The Trust Company subject to divestiture remedy

The Australian Competition and Consumer Commission will not oppose the proposed acquisition of The Trust Company Limited (The Trust Company) by Perpetual Limited (Perpetual). 

In reaching this position, the ACCC has accepted a court enforceable undertaking from Perpetual to divest The Trust Company’s existing ownership of a 13.4 per cent shareholding in competitor Equity Trustees Limited.

ACCC to not oppose the proposed acquisition by AGL of Australian Power and Gas

The Australian Competition and Consumer Commission will not oppose the proposed acquisition by AGL Energy Limited (AGL) of Australian Power and Gas Company Limited (APG).

“The ACCC has concluded that the proposed acquisition is not likely to substantially lessening competition in the relevant markets,” ACCC Chairman Rod Sims said.

“The ACCC formed the view that the removal of APG as an independent retailer was not likely to substantially reduce the competitiveness of price and non-price offerings in the relevant retail energy markets.”

ACCC calls for comment on Perpetual’s proposed acquisition of the Trust Company

The Australian Competition and Consumer Commission has released a Statement of Issues on the proposed acquisition of The Trust Company Limited (The Trust Company) by Perpetual Limited (Perpetual).

Perpetual and The Trust Company are both financial services companies that provide trustee and related services to corporate and individual clients, as well as investment and wealth management advice.

“The ACCC’s preliminary view is that the proposed acquisition may raise competition concerns in relation to certain corporate trust services,” ACCC Chairman Rod Sims said.

ACCC to not oppose the proposed acquisition of Hawker Supa IGA by Woolworths

The Australian Competition and Consumer Commission today announced it will not oppose the proposed acquisition by Woolworths Limited of the Supa IGA supermarket in Hawker, Australian Capital Territory.

“After an extensive investigation and rigorous consultation with interested parties, the ACCC concluded that the proposed acquisition would not result in a substantial lessening of competition in any market,” ACCC Chairman Rod Sims said.