SYDNEY: Australian regulators on Wednesday blocked the multi-billion-dollar merger between Vodafone Hutchison Australia and TPG Telecom, in a surprise announcement that sent shares in the two firms plunging.
"The ACCC has concluded, in particular, that the proposed merger between TPG and Vodafone is likely to substantially lessen competition in the supply of mobile services because the proposed merger would preclude TPG entering as the fourth mobile network operator in Australia," it said. TPG is one of the country's largest internet service providers. It has a fixed-line residential subscriber base of more than 1.9 million people and significant corporate, government and wholesale business.Shares in Hutchison Telecommunications Australia, which holds the Hong Kong firm's stake in Vodafone, collapsed 28.12 per cent to A$0.12. TPG tumbled 13.53 per cent to A$6.07.
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