Merger law: Jim Chalmers reveals changes to merger regime

Competition regulator Gina Cass-Gottlieb will get the power to block serial acquisitions and those that entrench the market power of big players, but Treasurer Jim Chalmers rejected a “presumptive ban” on mergers.

“Certain kinds of acquisitions – serial acquisitions by large firms and acquisitions that entrench the power of market leaders – are not adequately captured by our competition laws,” Dr Chalmers will say. The competition taskforce said the addition “creates, strengthens or entrenches a position of substantial market power” is supposed to bolster the ACCC’s efforts to stop creeping acquisitions, but the effects of this clause are unclear. The BCA has called it “redundant and potentially problematic”.

But in an effort to stamp out so-called “creeping acquisitions” where firms undertake lots of small mergers over a long period, the value of mergers over the three years prior will be factored into the approval threshold. Ms Cass-Gottlieb has said this was necessary to stamp out firms amassing of market power that

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