Under the current regime, companies are not required to notify the regulator of the planned marriage nor wait for ACCC clearance before the merger is finalised.in line with global approaches
She said it was “a big call to say the current law is not fit for purpose”, suggesting there was not necessarily evidence of that. Allens partner and competition practice leader Jacqueline Downes, who agreed with Ms Zuk that the volume of approvals by the ACCC of reviewed deals, warned against “unintended consequences” from a mandatory regime.
“While Australia’s system is relatively unique, the process works quickly and efficiently for most mergers and provides greater flexibility in negotiating outcomes. So if it works, why change it?” he said.
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