Merger laws: Business relieved ACCC chairwoman Gina Cass-Gottlieb didn’t win one key change in merger approvals process

Already a subscriber?Gina Cass-Gottlieb might not have received all she wanted, but the Australian Competition and Consumer Commission still ends up withAccording to Treasurer Jim Chalmers, the result will be a merger approvals regime that is “faster, stronger, simpler, more targeted and more transparent”.

The treasurer is also sensitive to criticism the government’s growth strategy is inadequate and that he has not taken on major economic reform needed in areas such as tax.Announcing the latest example of long-term institutional change allows Chalmers to say the government is delivering the “biggest reforms to merger settings in almost 50 years”.

Just ask ANZ and Suncorp about the protracted timeline for ANZ’s unsuccessful attempt to get ACCC approval for its takeover of Suncorp’s bank. The ACCC was subsequently overruled by the Australian Competition Tribunal. That obviously affects the ability for big supermarket chains such as Coles and Woolworths to take over smaller competitors as part of a “creeping acquisitions” strategy. Cass-Gottlieb has already proved she is willing to apply this standard, having opposed Woolworths’ acquisition of an IGA store in Queanbeyan last year.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Big business break-up powers ‘would be useful’: ACCC chief Gina Cass-GottliebGina Cass-Gottlieb says she would welcome new powers to break up big business, but her priority is strengthening merger laws and new powers to tackle unfair practices.
Source: FinancialReview - 🏆 2. / 90 Read more »

Merger law: Jim Chalmers reveals changes to merger regimeThe ACCC will be able to block serial acquisitions and those that entrench the market power of big players, but Jim Chalmers rejected a “presumptive ban” on mergers.
Source: FinancialReview - 🏆 2. / 90 Read more »

Australian Government to Announce Changes to Business Merger LawsFederal Treasurer Jim Chalmers has stated that the government will unveil modifications to the federal laws governing business mergers this week. The announcement is part of the government's strategy to enhance competition in the economy.
Source: SBSNews - 🏆 3. / 89 Read more »

ACCC Files Lawsuit Against Apple Over Market Power AbuseThe Australian Competition and Consumer Commission (ACCC) has filed a lawsuit against Apple, alleging that the tech giant has abused its market power in the smartphone market. The ACCC claims that Apple has used its dominance to extract higher fees, stifle innovation, and hinder competition.
Source: FinancialReview - 🏆 2. / 90 Read more »