Competition watchdog boss Gina Cass-Gottlieb has seized on the current economic uncertainty to make an urgent push to overhaul merger laws to require companies to gain formal clearance from the regulator before pursuing any tie-up.
Ms Cass-Gottlieb had stayed quiet on her own merger reform plans until Wednesday’s speech, with some legal insiders suggesting her corporate law background may mean she took a less litigious approach to Mr Sims. Ms Cass-Gottlieb said the changes the ACCC sought would bring Australia’s merger regime into line with many OECD countries.
Under the current regime, mergers can be prohibited if they are likely to result in a substantial lessening of competition.However, companies are not required to notify the ACCC of the planned marriage nor wait for ACCC clearance before the merger is finalised. “Given that there are no up-front information requirements for an informal review, merger parties are increasingly giving us late, incomplete, or incorrect information,” she said.
What about building companies who go bust and open up next week under different name, ABN etc. with same directors. acccgovau ato_gov_au
I don't remember voting for that.
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