Particle.news
Download on the App Store
3 ARTICLES
·
last yr.

ANZ-Suncorp Merger Approved Despite ACCC Objections

The Australian Competition Tribunal has overruled the ACCC's decision to block the ANZ-Suncorp merger, highlighting the need for merger law reform.

Overview

  • The Australian Competition Tribunal approved ANZ's A$4.9 billion acquisition of Suncorp's banking business, overturning the ACCC's previous rejection.
  • ACCC Chairperson Gina Cass-Gottlieb emphasized the ruling underscores the urgency for reforming Australia's merger laws.
  • The tribunal found the merger would bring 'net public benefit' and not significantly lessen competition in key markets.
  • ANZ CEO Shayne Elliott and Suncorp Group Chair Christine McLoughlin welcomed the decision, citing benefits for customers and the Queensland community.
  • The ACCC is considering its options, including a potential judicial review, while legislative changes by the Queensland government and federal treasurer approval are pending.