Vodafone Hutchison, TPG Telecom merger approved by Australia court

SYDNEY - Australia's federal court approved a planned A$10.9 billion merger of Vodafone Group's local business and phone company TPG Telecom, overturning opposition by the competition watchdog.

In a ruling in Melbourne on Thursday , Justice John Middleton rejected that argument, saying the"proposed merger would not have the effect, nor be likely to have the effect, of substantially lessening competition." Shares in TPG surged as much as 20 per cent in Sydney following the ruling before trading up 13 per cent at 12:10 p.m. local time. Hutchison Telecommunications Ltd., home to CK Hutchison's stake in the venture with Vodafone, jumped as much as 32 per cent before trading up 21 per cent.

The proposed deal to create a technology giant selling mobile-phone and broadband services was blocked by the regulator in May.

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