Communications Minister Paul Fletcher has welcomed the Federal Court's approval of the $15 billion merger between Vodafone Hutchison Australia and TPG Telecom, arguing it will create a more formidable challenger to Telstra and Optus.
"Hutchison...came into the market to launch 3G. They didn’t manage to maintain a sustainable position as a fourth entrant, just as a few years before One Tel did not manage to sustain a position as a fourth entrant," Mr Fletcher said. The Federal Court ruling led to a 11 per cent spike in shares of TPG Telecom on Thursday, and a 3 per cent decline for shares of Telstra. On Friday, TPG shares shed 1.1 per cent to close at $8.06 while Telstra shares rose 0.3 per cent to $3.77.. And the overturning by the Federal Court represents a setback for the ACCC and its chairman Rod Sims and continues a streak of losses on mergers for the regulator.
So, another round of creating monopolies which go against the interests of consumers? Lovely. 🤬
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