The Australian competition watchdog has blamed "lousy" computer systems after a botched release of its decision to nix the merger between Vodafone Hutchison Australia and TPG Telecom sent the share prices of major telecommunications companies into turmoil.
The blunder caused TPG's share price to plunge 13.5 per cent to $6.07, wiping about $1 billion off its market value, and Telstra's to fall 2.1 per cent to $3.29.ACCC chairman Rod Sims said the unintentional release was "embarrassing" and said his team had sent out a statement as soon as possible, but it wasn't sure how long it had taken due to the computer issues.
A major issue for the planned merger of equals had been TPG's plans to launch a fourth mobile network, but the, citing increased cost pressures after the ban of Chinese giant Huawei by the Australian government. "We are not convinced that other tech suppliers can't come up with a fix [to the Huawei ban]," he said.Jim Rice
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