ACCC Chair Gina Cass-Gottlieb says she is urging for a “fit-for-purpose merger regime” in common with the vast majority of OECD nations.
Her remarks come after the ANZ’s takeover of Suncorp was approved by the Australian Competition Tribunal.
The Tribunal dramatically overturned the decision of the competition regulator, the ACCC, and greenlit ANZ’s $4.9 billion takeover of the Queensland-based Suncorp.
The ACCC Chair’s proposed merger regime would be an “administrative process with set timelines” and come with a “full check and balance across” that process.
A final decision now rests with Treasurer Jim Chalmers, but the Tribunal’s approval has highlighted calls by the ACCC for significant reform to merger and takeover laws.
ACCC urging a ‘fit-for-purpose merger regime’ after ANZ’s takeover of Suncorp
Following the announcement, Suncorp jumped 5.96 per cent on the ASX 200 while ANZ dropped 2.18 per cent, according to Sky News Business Editor Ross Greenwood.
News Related-
High court unanimously ruled indefinite detention was unlawful while backing preventive regime
-
Cheika set for contract extension as another Wallabies head coaching candidate slips by
-
Analysis-West's de-risking starts to bite China's prospects
-
'Beyond a joke' Labor won't ensure PTSD protections: MP
-
Formula One season driver ratings: Lando Norris shines as Max Verstappen nears perfection
-
Catalina golfer Tony Riches scores Guinness World Record four holes in one on same hole
-
Florida coach Billy Napier fires assistants Sean Spencer, Corey Raymond with expected staff shakeup ahead
-
Rohingyan refugee NZYQ accidentally named in documents published by high court
-
Colorado loses commitments of 2 more high school recruits
-
Queensland Health issues urgent patient safety alert over national bacteria outbreak
-
Townsville Community Pantry 'distressed' by fruit, vegetable waste at Aldi supermarket
-
What Is The Beaver Moon And What Does It Mean For You?
-
Labor senator Pat Dodson to resign from politics due to health issues
-
Hamas releases 11 more hostages, as Israel agrees to extend ceasefire